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Synex International Inc. First Quarter of Fiscal 2022

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Vancouver, British Columbia--(Newsfile Corp. - November 15, 2021) - Synex International Inc. (TSX: SXI) (the "Company" or "Synex") is pleased to announce its financial and operational results for the three months ended September 30, 2021 ("Q1 2022").

Revenue for Q1 2022 decreased to $258,325 from $324,530 in Q1 2021. Electricity sales for Q1 2022 were $258,466 compared with $320,577 in the three months ended September 30, 2020 ("Q1 2021"), which is a decrease of $62,111. The decrease in revenue for Q1 2022 was mainly due to decrease in power sales with respect to the Mears, Cypress and Barr hydroelectric plants because of lower precipitation. SXI is still in line achieving the budgeted revenue for FY2022 since Q1 only represents 10-15% of the company's annual revenue.

The net loss attributable to shareholders of the Company for Q1 2022 was $650,179 as compared to the net loss attributable to shareholders of $407,939 for Q1 2021. The increase in net loss attributable to shareholders of the Company for Q1 2022 as compared to Q1 2021 is primarily due to lower power sales. The net loss per share in Q1 2022 was $0.02 as compared to a loss of $0.01 in Q1 2021. The company is on track to recover the losses of Q1 and be profitable for FY2022.

Loss above includes a non-recurring one-time refinancing cost of $55,536.

The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for Q1 2022 were $12,391 as compared to $8,997 for Q1 2021.

As of September 30, 2021, the Company had a cash balance of $1,119,546 as compared to $1,073,869 on June 30, 2021. The Company also had a restricted cash balance and term deposit of $1,538,840 and $210,000 respectively as of September 30, 2021. The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $15,442,033 on September 30, 2021, as compared to the $15,442,033 on June 30, 2021. Loans payable on September 30, 2021, included a current portion of $829,626 and a non‐current portion of $14,612,407.

About Synex International Inc.

Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns 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 capacity, and approximately 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit www.synex.com.

For media inquiries, please contact:

Daniel J. Russell
President & CEO, Synex International Inc.
524 Locust St., Burlington, ON, L7S 1V2
Phone (905) 329-5000
E-mail: daniel.russell@synex.com

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. 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".

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103648

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