TSX : SXI
VANCOUVER, March 26, 2012 /PRNewswire/ - Synex International Inc. (the "Company") announces that its wholly owned subsidiary, Kyuquot Power Ltd. ("KPL"), has received $625,872 from the Ka:'yu:'k't'h'/Che:k:tles7et'h' First Nation (the "KCFN") as a contribution in aid of construction with respect to the Kyuquot powerline. KPL is a electrical distribution utility located on Vancouver Island, British Columbia. KCFN will receive a reduction in electricity rates for their contribution. Concurrently, the Energy Division of the Company received $110,448 as a contractor fee.
The Company has repaid Canadian Western Bank the outstanding amount at December 30, 2011 of $500,000 of the operating line of credit of the Energy Division and has provided notice of exercise of option to purchase a further $100,000 equity in Robson Valley Power Corporation ("RVPC"), which owns and operates the 3.3 MW Ptarmigan Creek Hydro Plant located near McBride in central British Columbia. After combining its existing shares and the shares to be purchased, the Company will own 11% of RVPC.
Synex International Inc is an experienced run of river hydroelectric operator, developer and consultant in British Columbia. The Company wholly owns or has interests in 12 MW of operating facilities and has applications for water licences and land tenure on over 70 potential hydroelectric sites which are in various stages of development.
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.