Three new hydo projectsTo be finished in 4 years.
Outlook
The company owns and operates a 3.8 MW hydroelectric plant and an electrical utility both located on Vancouver Island, British Columbia. Construction of the 2.8 MW Cypress Creek hydro project is expected to be substantially completed by the end of fiscal 2007. On Aug. 31, 2008, the power division entered into electricity purchase agreements with B.C. Hydro for the 3.4 MW McKelvie Creek hydro project, the 4.0 MW Barr Creek hydro project and the 9.5 MW Victoria Lake hydro project. The target dates for commercial operation for these projects is Oct. 1, 2008, May 1, 2009, and May, 2010.
The average earnings per share for Synex International Inc. over the last 14 years has been seven cents per share. The expected gain on the sale of the shares of NovaGold Resources Inc. coupled with the anticipated earnings from the operating plants should continue this strong earnings record in fiscal 2007.