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SOURCE Synex International Inc.
TSX : SXI
VANCOUVER, May 9, 2014 /CNW/ - For the nine months ended March 31, 2014, revenue was $3,949,249 as compared to $3,708,113 for the nine months ended March 31, 2013. The increase in revenue is due to increases in sales from the Mears Plant, Kyuquot Utility and Engineering Division partly offset by decreases in the electricity sales from the Barr and Cypress Plants.
The net loss attributable to shareholders of the Company for the nine months ended March 31, 2014 decreased to $295,801 as compared to $397,298 for the nine months ended March 31, 2013. The decrease in net loss is primarily due to higher revenues from the engineering and energy divisions. Both fiscal periods experienced lower than expected generation due to dry weather conditions. The loss per share for the nine months ended March 31, 2014 was $0.01 as compared to a loss per share of $0.01 for the nine months ended March 31, 2013.
Capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for the nine months ended March 31, 2014 totaled $354,729. The most advanced development project of the Power Division is the 5.4MW McKelvie Creek Project for which application for an electricity purchase agreement under the BC Hydro Standing Offer Program was submitted to BC Hydro on March 28, 2014. Other projects the Company is active on include the 4MW Newcastle Creek Project and the 10MW Victoria Lake Project . The Victoria Project has an electricity purchase agreement dated August 2006 and the Newcastle Creek project is expected to qualify for an electricity purchase agreement under the current BC Hydro Standing Offer Program.
During the nine months ended March 31, 2014, the Company received gross proceeds of $183,300 from issuance of 408,000 common shares from the exercise of options by directors and officers.
As at March 31, 2014, the Company had principal loans totalling $18,295,374 with the Canadian Western Bank as compared to $18,461,818 at June 30, 2013. At March 31, 2014, the Company had a cash balance of $706,123.
The Company is a successful hydroelectric developer and consultant in British Columbia. The Company wholly owns or has beneficial interests in a total of 12 MW of operating facilities. In addition, the Company has applications for water licences and land tenure on over 55 potential hydroelectric sites which are in various stages of development or intended for disposition. Mostly, the water licence applications are for projects with individual capacities of less than 10 MW. BC Hydro under the current Standing Offer Program accepts applications for electricity purchase agreements for up to forty years with a maximum size of 15 MW.
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.
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