VANCOUVER, May 10 /CNW/ - Net income for the nine months ended March 31, 2011 was $2,227 as compared to a net loss of $110,666 for the corresponding period in fiscal 2010. The increase in net income is primarily due to the proceeds of $300,000 for an option by a third party for the purchase of some water licences of the Company in the first quarter of fiscal 2011, offset by a provision for recovery of income taxes of $180,000 in the first nine months of fiscal 2010. The income per share for the nine months ended March 31, 2011 was $0.00 as compared to a loss per share of $0.00 for the corresponding period in fiscal 2010.

For the nine months ended March 31, 2011, energy sales and consulting revenue increased to $2,292,454 as compared to $2,101,808 for the corresponding period in fiscal 2010. The increase in revenue is mainly from an increase in consulting revenue partly offset by decreases in electricity sales from the Mears and Cypress Plants.

During the first nine months of fiscal 2011, the Barr Creek Limited Partnership ("BCLP") and its general partner Barr Creek Hydro Ltd. ("BCHL") continued to advance the 4.4MW Barr Creek Hydro Project. Construction of site works including the access roads and the powerhouse substructure is progressing, although work is being delayed by snowfalls in the spring of 2011. During March 2011, BCLP entered into contracts for the supply and installation of the penstock, steel building and high voltage switchgear.

BCLP is owned 80% by the Company and 20% by the Ehattesaht First Nation. As at March 31, 2011, the total subscribed units of BCLP was $4.4 million. Subsequent to the end of the third quarter, the Company announced the execution of a Credit Agreement with Canadian Western Bank in the maximum amount of $9.1 million for the Barr Creek Hydro Project. The Target Completion date of the Barr Creek Hydro Project is November 2011.

On August 19, 2010, the Company announced that the Engineering Division had entered into an Option Agreement dated July 23, 2010 with an unrelated third party. The Option Agreement provides the third party with the right to purchase a number of applications for water licences and land tenures held by the Engineering Division as well as other related rights. The Option Agreement has a latest exercise date of December 2011. The Option Payment was $300,000 and has been included as other income in the financial statements of the Company.

The Company wholly owns and operates two hydroelectric plants totaling 6.6MW, has a minority interest in two operating hydroelectric plants totally 10MW, has under construction the 4.4MW Barr Creek Hydroelectric Project and has over 70 water licence and land tenure applications, mostly on Vancouver Island and in the Prince Rupert/Terrace area in British Columbia.

Synex International Inc. is a public company, trading on the TSX since 1987, with business interests that cover the development, ownership and operation of electrical generation facilities and the provision of consulting engineering services in water resources, particularly hydroelectric facilities.

Greg Sunell, President

This press release contains forward-looking statements that involve risks and uncertainties. These statements reflect our current expectations and are subject to change. They are subject to a number of risks and uncertainties including, but not limited to, changes in economic conditions, risks associated with the construction and operation of hydroelectric facilities and changes in government policies.

SOURCE Synex International Inc.

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