Synex Renewable Energy Corporation (Formerly, Synex International Inc.) Third Quarter of Fiscal 2022

Vancouver, British Columbia--(Newsfile Corp. - May 11, 2022) - Synex Renewable Energy Corporation (TSX: SXI) (Formerly, Synex International Inc.) (the "Company" or "Synex") is pleased to announce its financial and operational results for the three months ended March 31, 2022 ("Q3 2022").

Revenue for Q3 2022 decreased to $884,428 from $1,058,954 in Q3 2021. Electricity sales for Q3 2022 were $857,414 compared with $1,031,486 in the three months ended March 31, 2021 ("Q3 2021"), which is a decrease of $174,072. The decrease in revenue for Q3 2022 was mainly due to a decrease in power generation with respect to the Mears, Cypress and Barr Hydroelectric plants due to power disruptions caused by BC Hydro and nonrecurring maintenance work performed to repair the damage to the power lines caused by a storm and extreme weather conditions.

The net income attributable to shareholders of the Company for Q3 2022 was $54,891 as compared to $264,476 for Q3 2021. This decrease in net income is primarily due to lower power generation and an impairment reversal recorded in Q3 2021. The net earnings per share in Q3 2022 was $0.01 as compared to $0.07 in Q3 2021. The Company has already recovered its losses from Q1 2022 and Q2 2022 and is on track to be profitable for the rest of FY2022.

Capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for Q3 2022 were $nil as compared to a spending of $39,933 for Q3 2021.

As of March 31, 2022, the Company had a cash balance of $1,164,563 as compared to $1,073,869 on June 30, 2021. Also as of March 31, 2022, the Company had a restricted cash balance of $1,538,840 and a term deposit of $210,000. The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $15,217,065 on March 31, 2022, as compared to the $15,442,033 on June 30, 2021. Loans payable on March 31, 2022, included a current portion of $878,505 and a non‐current portion of $14,338,560. The Company repaid $2,460 towards principal payments during Q3 FY2022.

About Synex Renewable Energy Corporation (formerly, Synex International Inc.)

Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit www.synex.com.

For media inquiries, please contact:

Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation. (Formerly, Synex International Inc.)
524 Locust St., Burlington, ON, L7S 1V2
Phone (905) 329-5000
E-mail: daniel.russell@synex.com

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Synex's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved", including references to the future profitability of the Company.

By identifying such information and statements in this manner, Synex is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated September 28, 2021, and available on the Company's profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf is expressly qualified in its entirety by this notice.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123682

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