TSX : SXI
VANCOUVER,
May 8, 2012 /CNW/ - Synex
International Inc. (the "Company") announces that for the nine
month period ended March 31, 2012,
revenue from energy sales and consulting increased to $3,187,494 as compared to $2,292,454 in the corresponding period in fiscal
2011. This increase in revenue is due to an increase in
consulting revenue as well as increases in electricity sales from
each of the Mears Plant, the Cypress Plant, the Barr Plant and the
Kyuquot Utility.
Net income for the nine month period ended
March 31, 2012, was $90,774 as compared to net income of $1,646 in the corresponding period in fiscal
2011.
On February 2,
2012, the 4.4MW Barr Creek
Plant (the "Barr Plant") commenced commercial
operations. The Barr Plant is located near Zeballos on Vancouver Island, British Columbia and was developed by the Barr
Creek Limited Partnership ("BCLP") and its general partner Barr
Creek Hydro Ltd. ("BCHL"). The Company holds an 80% interest
in BCLP and BCHL with the Ehattesaht Tribe holding the remaining
20%. During the months of February
2012 and March 2012, the
average generation of the Barr Plant was about 1.7MW which equaled
the forecast generation.
During the spring of 2010, the Company was the
highest bidder for the purchase of applications for water licences
and land tenure of Hawkeye Energy Corporation (the "HEC assets")
from the Receiver. During the Court process to approve the
sale of the HEC assets to the Company, Hawkeye Power Corporation
("HPC") opposed the sale on the basis of an unregistered prior
right to the assets. On November 21,
2011, a court decision declared that HPC did not have a
prior right to the assets. On December 20, 2011, HPC filed a Notice of Appeal
and Notice of Stay in regards to the court decision. The
appeal process is advancing.
In March 2012, the
Company received a payment of $625,872 from the Ka:'yu:'k't'h'/Che:k:tles7et'h'
First Nation as a contribution in aid of construction with respect
to the Kyuquot powerline.
The Company applied the proceeds to fully repay the revolving
$500,000 credit line of the Power
Division as well as for general corporate purposes.
The Company commenced reporting financial
results under IFRS as of the first quarter of fiscal 2012.
The financial results under IFRS are not significantly different
than the financial results would have been under GAAP, although
there has been a minor reduction in assets of the Company due
primarily to differences in amortization treatment between IFRS and
GAAP.
Synex International Inc is an experienced run of
river hydroelectric developer and consultant in British Columbia with over 15 professionals
located in the Vancouver
office. The Company wholly owns or has interests in 12 MW
(net) 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 or for disposition.
"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.