Vancouver, British Columbia--(Newsfile Corp. - May 13, 2021) - Synex International Inc. (TSX: SXI) (the "Company" or "Synex") is pleased to announce its financial and operational results for the three months ended March 31, 2021 ("Q3 2021").
Revenue for Q3 2021 increased to $1,058,954 from $1,049,390 in Q3 2020. Electricity sales from Q3 2021 were $1,031,486 compared with $1,022,392 in the three months ended March 31, 2020 ("Q3 2020"), which is an increase of $9,094. The increase in revenue for Q3 2021 was mainly due to higher power sales with respect to the Mears, Cypress and Barr hydroelectric plants.
The net income attributable to shareholders of the Company in Q3 2021 was $264,476 as compared to net income of $216,740 in Q3 2020. The net income per share in Q3 2021 was $0.01 as compared to an income of $0.01 in Q3 2020.
The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for Q3 2021 were $7,066 as compared to NIL for Q3 2020.
As of March 31, 2021, the Company had a cash balance of $125,027 as compared to $859,906 at June 30, 2020. The total loan principal outstanding to the Canadian Western Bank was $12,673,789 at March 31, 2021 as compared to $13,172,287 at June 30, 2020. Loans payable at March 31, 2021 included a current portion of $10,508,528 and a non-current portion of $2,165,261.
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 18 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.
100-1444 Alberni Street, Vancouver B.C. V6G 2Z4
Phone (604) 688-8271
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.
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