Synex International Inc. Provides an Update on Its COVID-19 Response and Interim Filings
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2020) - Synex International Inc. (TSX: SXI) ("Synex" or the "Company") announces today that, notwithstanding the COVID-19 pandemic, which has impacted all businesses, the Company has maintained its operation of providing electricity to BC Hydro and other customers with minimal financial impact to the Company. The supply of electricity is considered to be an essential service so the Company's operations remain largely uninterrupted. Further, most of the Company's employees are able to work remotely. The small number of part-time plant operators and contractors who cannot work remotely are still able to safely practice "social distancing" objectives at work. The Company continues to closely monitor the situation so it can react promptly to changing circumstances.
Additionally, the Company is postponing the filing of the following documents (collectively, the "Disclosure Documents") in reliance on BC Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements (the "Instrument"), and similar exemptions provided by other Canadian securities regulators:
The Company's interim financial statements for the period ended March 31, 2020 as required by section 4.4 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"); and
The Company's management discussion & analysis for the period ended March 31, 2020 as required by subsection 5.1(2) of NI 51-102.
The Instrument provides the Company with an additional 45 days from the deadline otherwise applicable under applicable Canadian securities laws to make the filing. The Company's management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 - Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company expects to file the Disclosure Documents on or prior to May 29, 2020.
Other than as disclosed herein, there have been no material business developments since the date of the Company's interim financial statements for the period ended December 31, 2019, which are available under the Company's SEDAR profile at www.sedar.com.
The Company is a run-of-river hydro developer, operator and engineering firm. The Company wholly owns or has a proportionate interest in a net total 12 MW of operating facilities in British Columbia, and a Vancouver Island grid connection and utility carrying on business as Kyuquot Utility. The Company also has 9.4 MW of construction ready run-of-river projects, and applications and land tenures on another 24 potential hydroelectric sites totaling over 150MW of installed Capacity in British Columbia.
"Daniel J. Russell"
Daniel J. Russell, President & CEO
400 - 1444 Alberni Street, Vancouver B.C. V6G 2Z4
Phone (604) 688-8271 Fax (604) 688-1286
Web Site: www.synex.com
Forward-looking Information - This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information included in this press release reflects the current expectations of Synex management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "target", "will", "would" and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation, the expected filing of the Disclosure Documents and the timing thereof.
Forward-looking information involves significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. Such risk factors or assumptions include, but are not limited to: changes in economic conditions, disruptions to the Company's core business and changes in government policies. Synex cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors should be considered carefully and undue reliance should not be placed on the forward-looking information. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by Synex with Canadian securities regulatory authorities. Synex assumes no obligation or intention to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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