TSX : SXI
VANCOUVER, Feb. 4, 2014 /CNW/ - For the six months ended December 31, 2013,
revenue was $1,133,587 as compared to $1,067,562 for the six months ended
December 31, 2012. The increase in revenue is due to increases in sales from
the Mears Plant, Barr Plant, Kyuquot Utility and the Engineering Division
partly offset by decreases in the electricity sales from the Cypress Plant.
The net loss for the six months ended December 31, 2013 decreased to $389,084
as compared to $491,960 for the six months ended December 31, 2012. The
decrease in net loss is primarily due to higher revenues from the engineering
and energy divisions. A net loss in the six month period ending in December
is expected as the generation from hydro plants represents less than 35% of
annual forecast generation. In addition, the weather conditions were dry
during both the six months ended December 31, 2013 and December 31, 2012. The
loss per share for the six months ended December 31, 2013 was $0.01 as
compared to a net loss per share of $0.02 for the six months ended December
Capital expenditures in respect of the development of run-of-river hydro
projects in British Columbia for the six months ended December 31, 2013
totaled $243,424. The Power Division was most active on the proposed 5MW
McKelvie Creek Project, 4MW Newcastle Creek Project and 10MW Victoria Lake
Project. The Victoria Lake Project has an electricity purchase agreement
dated August 2006 whereas the two other projects are expected to qualify for
electricity purchase agreements under the current BC Hydro Standing Offer
At December 31, 2013, the Company had a cash balance of $919,850 as compared
to $1,145,655 at June 30, 2013. The total loan principal outstanding to the
Canadian Western Bank was $18,465,316 at December 31, 2013 as compared to
$18,461,818 at June 30, 2013. During July 2013, the Company increased the
loan principal of the Kyuquot Loan by about $321,000 to $700,000 and converted
the loan from a floating rate to a 3-year fixed rate. In addition, in
August 2013, the Company received gross proceeds of $153,500 from issuance of
340,000 common shares from the exercise of options by directors and officers.
The Company is a successful hydroelectric developer and consultant in British
Columbia. The Company wholly owns or has beneficial interests in a total of
12 MW of operating facilities. In addition, the Company has applications for
water licences and land tenure on over 55 potential hydroelectric sites which
are in various stages of development or intended for disposition. Mostly, the
water licence applications are for projects with individual capacities of less
than 10 MW. BC Hydro under the current Standing Offer Program accepts
applications for electricity purchase agreements for up to forty years with a
maximum size of 15 MW.
Greg Sunell, President
This press release contains forward-looking statements that involve risks and
uncertainties. These statements reflect our current expectations and are
subject to change. They are subject to a number of risks and uncertainties
including, but not limited to, changes in economic conditions, risks
associated with the construction and operation of hydroelectric facilities and
changes in government policies.
SOURCE Synex International Inc.
400 - 1444 Alberni Street, Vancouver B C V6G 2Z4 Phone (604) 688 8271
Ext. 309 Fax (604) 688 1286 E-mail:firstname.lastname@example.org Web
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CO: Synex International Inc.
ST: British Columbia
NI: OIL UTI ERN
-0- Feb/04/2014 19:46 GMT
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