TSX : SXI
VANCOUVER, Oct. 18, 2012 /CNW/ - Synex International Inc. (the "Company") has previously announced that Sigma Engineering Ltd. ("Sigma"), a wholly owned subsidiary of the Company, was the successful bidder in the purchase of the assets from the Receiver for Hawkeye Energy Corporation ("HEC") but that Hawkeye Power Corporation ("HPC") opposed the sale on the basis of an unregistered prior right to the assets. The assets include 36 applications for water licences and the associated land tenures in the Bute and Jervis Inlet areas of British Columbia. On November 21, 2011, the Supreme Court of BC rendered a Decision that HPC did not have ownership of the HEC assets. On December 21, 2011, HPC filed a Notice of Appeal of the Decision and a Notice of Stay of the Decision.
On October 18, 2012, the BC Court of Appeal upheld the appeal of HPC and ordered a new trial to be held in the Supreme Court of BC regarding the claim of HPC to the HEC assets.
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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