Synex International Inc. Acquires Sea Breeze Power Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 4, 2021) - Synex International Inc. (TSX: SXI) ("Synex" or the "Company"), is pleased to announce that on January 1, 2021, Synex Energy Resources Ltd., a British Columbia corporation wholly-owned by Synex completed the purchase of all of the issued and outstanding shares of Sea Breeze Power Corp. ("Sea Breeze"), a privately held British Columbia corporation. Sea Breeze is a wind energy development company.
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.
Sea Breeze is currently in discussions to develop one or more of these sites for green Hydrogen development.
Synex views the acquired 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 the COVID-19 pandemic, the demand for green energy will increase. Synex expects that Sea Breeze's assets, once built, could have the ability to provide up to 4,875 MW of green power, which could contribute to Canada's expected transition to a green hydrogen economy.
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, wind power 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, applications and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of installed capacity, and approximately 18 wind development sites that could have the ability to provide up to 4,875 MW of green power 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) 6881286
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 assets, the future demand for green energy, the expected potential output of the Company's assets 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.
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