Synex Announces Date of Annual Meeting and Provides Corporate Update
Toronto, Ontario--(Newsfile Corp. - November 3, 2020) - Synex International Inc. (TSX: SXI) ("Synex" or the "Company") is pleased to announce that it will hold its annual general meeting of shareholders (the "Meeting") virtually on November 20, 2020 at 9:00 a.m. (Vancouver time). The management information circular and related materials associated with the Meeting have been mailed to shareholders and are available under the Company's SEDAR profile at www.sedar.com In addition, the Company is pleased to provide a corporate update covering some of the key developments made by the Company in the year ended June 30, 2020.
Key Corporate Developments & Milestones
Some of the Company's highlights for fiscal 2020 include the following:
strengthened electricity sales, although they remained below historic averages;
reduced operating costs, primarily through the orderly reduction of staff in the administration and management teams;
digitalized records and processes, with staff able to work remotely and the movement to store critical items in the cloud;
completed a review of the Company's power plants and implemented progressive maintenance plans and schedules, which the Company expects to lead to future operational strengths;
developed a comprehensive data room containing all key information on the Company's power plants and commissioned independent engineering reports on the hydrology and the assets;
completed the sale of the Company's minority interest in Robson Valley Power Corporation; and
executed a letter of intent to purchase all of the issued and outstanding shares of Sea Breeze Power Corp. ("SeaBreeze"), the holder of approximately 18 investigative licenses suitable for wind, solar and storage sites in British Columbia, which transaction is expected to close in 2021.
Moving Forward with Confidence
Since the end of fiscal 2020, the Company has executed an indicative term sheet to refinance its power plant assets, which, once completed, is expected to provide stronger cashflow as a result of reduced interest expenses and longer amortization periods. In addition, the Company has executed an extension to its letter of intent with SeaBreeze, extending the period by which it must sign a definitive agreement to November 30, 2020.
Daniel J. Russel, President of the Company, stated, "We continue to explore utility and power opportunities including wind, hydro and geo-thermal; we see a bright future with the government promoting the green economy and future developments and we are working diligently on finding Synex's next investment in this space. With the anticipated purchase of SeaBreeze, we intend to expand the Company's renewable business in British Columbia, with over 4,000MW of licenses and will continue to seek out opportunities to develop the Company into a leading-edge "next-economy" business, focusing on sustainable and green power development opportunities."
Mr. Russel continued, "While the challenges resulting from COVID-19 continue to present obstacles, we believe that our commitment to developing a focused plan, improved remote working capabilities, improved processes and supply chain and enhanced technical support resources have positioned Synex to overcome these obstacles as we navigate these uncertain times. Moving forward in fiscal 2021, our primary goal is to translate the opportunities in front of the Company and its recent results into enhanced shareholder value that we hope will be reflected in the Company's share price."
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
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. 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". Forward-looking information may relate to anticipated events or results including, but not limited to: the expected results of the Company's progressive maintenance plans, the expected closing of the Company's transaction with SeaBreeze, the expected refinancing of the Company's power plant assets, the expected expansion of the Company's renewable energy capacity and the priorities of the Canadian government.
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, 2020 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.
Not for Distribution to U.S. Newswire Services or For Dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67378