Synex International Inc - Second quarter of fiscal 2014

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 
31, 2012. 
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 Web 
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CO: Synex International Inc.
ST: British Columbia
-0- Feb/04/2014 19:46 GMT
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