Synex International Inc. Signs Letter of Intent to Acquire All of the Wind Projects of Sea Breeze Power Corp. and Divests of Its Interest in Robson Valley Power Corporation
Vancouver, British Columbia--(Newsfile Corp. - June 23, 2020) - Synex International Inc. (TSX: SXI) ("Synex" or the "Company"), is proud to announce that it has signed a non-binding letter of intent to acquire all the shares of Sea Breeze Power Corp. ("Sea Breeze").
Sea Breeze's assets consist of approximately 18 investigative licenses suitable for wind, solar and storage sites that Sea Breeze has been developing over 20 years at a cost of over $30,000,000. Projects are divided into four regions of British Columbia: North Vancouver Island, Central coast, Okanagan, and East Kootenays.
Synex views these wind assets as some of the best in class assets in British Columbia, and although there is no certainty that any of these projects will ever be built, Synex believes that wind power is the next generation of green power; and that as British Columbia, Canada, the USA and the rest of the world recover from COVID-19, society will demand green energy. Synex expects that Sea Breeze's assets could have the ability to provide up to 4,875 MW of green power, which will contribute to Canada's expected transition to a green hydrogen economy.
Additionally, the Company is pleased to announce that Synex Energy Resources Ltd. ("SER") has completed the sale of SER's 11% interest in the outstanding equity of Robson Valley Power Corporation for cash proceeds of $275,000 pursuant to a share purchase agreement with Mid-Mountain Developments Ltd.
The Company is a Vancouver based company engaged in the operation, acquisition and development of renewable energy projects in British Columbia. It 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 Power Ltd. 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 totalling over 150 MW of installed Capacity in British Columbia.
"Daniel J. Russell"
Daniel J. Russell, President & CEO
100-1444 Alberni Street, Vancouver B.C. V6G 2Z4
Phone (604) 688-8271 Fax (604) 688-1286
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 ability of the Company to develop the assets of Sea Breeze, the future demand for green energy, the closing of the acquisition of all of the shares of Sea Breeze, the expected potential output of the assets of Sea Breeze and Canada's transition to a green hydrogen economy. .
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, risks associated with the construction and operation of hydroelectric facilities 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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