TSX : SXI
VANCOUVER,
March 26, 2012 /PRNewswire/ - Synex
International Inc. (the "Company") announces that its wholly owned
subsidiary, Kyuquot Power Ltd. ("KPL"), has received $625,872 from the Ka:'yu:'k't'h'/Che:k:tles7et'h'
First Nation (the "KCFN") as a contribution in aid of construction
with respect to the Kyuquot
powerline. KPL is a electrical distribution utility located
on Vancouver Island, British
Columbia. KCFN will receive a reduction in electricity
rates for their contribution. Concurrently, the Energy
Division of the Company received $110,448 as a contractor fee.
The Company has repaid Canadian Western Bank the
outstanding amount at December 30,
2011 of $500,000 of the
operating line of credit of the Energy Division and has provided
notice of exercise of option to purchase a further $100,000 equity in Robson Valley Power
Corporation ("RVPC"), which owns and operates the 3.3 MW Ptarmigan
Creek Hydro Plant located near McBride in central British Columbia. After combining its
existing shares and the shares to be purchased, the Company will
own 11% of RVPC.
Synex International Inc is an experienced run of
river hydroelectric operator, developer and consultant in
British Columbia. The
Company wholly owns or has interests in 12 MW of operating
facilities and has applications for water licences and land tenure
on over 70 potential hydroelectric sites which are in various
stages of development.
"signed"
______________________________________
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.