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Synex's Port Alberni plant achieves production
2005-12-22 14:51 ET - News Release
Mr. Greg Sunell reports
Synex International Inc.'s China Creek hydro plant located near Port Alberni, B.C., achieved commercial operation as of Dec. 7, 2005. Generation from the plant is being sold to BC Hydro under a long-term contract. During plant commissioning, one of the two turbines, each rated at 3.2 megawatts, sustained equipment damage and the turbine manufacturer is addressing the replacement of the damaged components. Synex has a 12.5-per-cent interest in the plant through its ownership in the Upnit Power LP. The other partners in the Upnit Power LP are the Hupacasath First Nation, the Ucluelet First Nation and the City of Port Alberni.
Effective Jan. 1, 2006, Synex has entered an agreement with a third party to sublease much of the unused office space under lease to Synex that was vacated in October, 2004, as a result of the sale of the former software division. The company had a reserve at Sept. 30, 2005, in the amount of $391,511 to cover future office lease commitments in respect of the vacated office space. Rental payments under the new sublease agreement will contribute directly to the net income of the company.