TSX : SXI
VANCOUVER,
May 7, 2013 /CNW/ - Revenue for the
nine months ended March 31, 2013
increased to $3,708,113 as compared
to $3,361,623 in the corresponding
period in the previous fiscal year. Most of the increase was
due to the Barr Plant which commenced operation in February 2012. Revenue during the nine
month period decreased from each of the Mears and Cypress
Plants.
The net loss for the nine months ended
March 31, 2013 was $397,298 as compared to net income of
$90,774 in the corresponding period
in the previous fiscal year. The increase in net loss is
primarily due to the loss of $237,070
incurred by the Barr Plant. Generation at each of the Barr,
Mears and Cypress Plants has been less than forecast due to dry
weather conditions from late July
2012 to January 30,
2013. The generation for the nine months ended
March 31, 2013 was the lowest on
record for comparative periods for both the Mears and Cypress
Plants, which commenced operating in 2004 and 2009
respectively. The loss per share for the nine months ended
March 31, 2013 was $0.01 as compared to income of $0.00 per share in the corresponding period in
the previous fiscal year.
Project development during the nine months ended
March 31, 2013, was funded from
internal sources. During the period the Company's Power
Division had capital expenditures of $315,905 in respect of proposed hydroelectric
projects in British
Columbia. The three most advanced projects are the 5MW
McKelvie Creek Project, the 4MW Newcastle
Creek Project and the 9.9MW Victoria Lake Project. The
Victoria Lake Project has an electricity purchase agreement dated
August 2006 whereas the Company
expects to make application for electricity purchase agreements
under the BC Hydro Standing Offer Program for the other two
projects.
Synex International Inc. is an experienced
run-of-river hydroelectric developer and consultant in British Columbia with over 15 professionals
located in its Vancouver
office. The Company wholly owns or has interests in 12MW of
operating facilities and has applications for water licences and
land tenure on over 55 potential hydroelectric sites which are
either in various stages of development or are being held for
disposition.
"signed"
______________________________________
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.