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Toronto, Ontario--(Newsfile Corp. - March 4, 2021) - Synex International Inc. (TSX: SXI) ("Synex" or the "Company") is pleased to provide a corporate update on key developments made by the Company since its annual general meeting.
Key Corporate Developments & Milestones
Some of the Company's recent highlights include the following:
completed a comprehensive review of the Company's power plants and implemented progressive maintenance plans and schedules, which the Company expects to lead to future operational strengths;
completed the acquisition of the issued and outstanding shares of Sea Breeze Power Corp. ("SeaBreeze"), the holder of approximately 18 investigative licenses suitable for wind, solar and storage sites in British Columbia;
strengthened the Company's investor relations activities, with a focus on more comprehensive disclosure and an enhanced investor relations page on the Company's website;
completed a comprehensive review of the Company's operating units to identify opportunities to eliminate unnecessary costs and to streamline corporate structure and operations; and
refocused the Company's acquisition strategy on mid-sized renewable energy projects and entered into non-binding non-disclosure agreements in connection with possible acquisition targets in this category.
The Company continues to work towards the refinancing of its power plant assets, which, once completed, is expected to provide stronger cashflow as a result of reduced interest expenses and longer amortization periods. The Company expects to complete the refinancing in April 2021.
Daniel J. Russell, President of the Company, stated, "In the last six months we have completed a comprehensive review of our operations and refocused the Company's acquisition strategy on mid-size ($5-20 million) renewable energy projects, a strategy that will allow operators of such projects to obtain sought after liquidity for operations traditionally considered too small for the larger institutions in the industry. The Company is focused on adding valuable projects to the Company's portfolio in a sector central to the Company's long-term corporate strategy. In connection with this re-focused acquisition strategy, the Company has also entered into several non-disclosure agreements to evaluate potential targets, which will be disclosed in greater detail in the event that the Company elects to proceed with any of such acquisitions."
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 4,850 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) 688-1286
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. 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". Forward-looking information may relate to anticipated events or results including, but not limited to: the expected results of the Company's progressive maintenance plans, the expected benefits of the re-financing of the Company's power plants and the Company's intentions with respect to future acquisitions, including those currently under evaluation by the Company.
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.
Not for Distribution to U.S. Newswire Services or For Dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76147