VANCOUVER, Oct. 29, 2018 /CNW/ - Russell Industries Corp.
("Russell Industries"), a private company wholly-owned by Daniel J. Russell
("Russell"), announces today that on October 26, 2018 it and Russell acquired ownership of
4,431,300 common shares (the "Purchased Shares") in the capital of Synex International Inc. (the "Issuer"),
representing approximately 11.52% of the issued and outstanding common shares (the "Common Shares") in the capital of the
Issuer (the "Acquisition").
3,700,000 of the Purchased Shares were acquired by Russell Industries pursuant to a private agreement for $0.46 per Purchased Share in cash, for an aggregate amount equal to C$1,702,000.
An additional 240,300 Purchased Shares were acquired by Russell Industries through normal course purchases through the facilities
of the Toronto Stock Exchange as follows, for an aggregate amount equal to C$108,258.50: (a) 5,300
Purchased Shares were purchased for $0.445 per Purchased Share for an aggregate amount equal to
C$2,358.50; (b) 215,000 Purchased Shares were purchased for $0.45 per
Purchased Share for an aggregate amount equal to C$96,750; (c) 10,000 Purchased Shares were
purchased for $0.455 per Purchased Share for an aggregate amount equal to C$4,550; and (d) 10,000 Purchased Shares were purchased
for $0.46 per Purchased Share for an aggregate amount equal to C$4,600. An additional 491,000 Purchased Shares were
acquired by Russell through normal course purchases through the facilities of the Toronto Stock Exchange as follows, for an
aggregate amount equal to C$22,717.50: (a) 46,500 Purchased Shares were purchased for $0.445 per Purchased Share for an aggregate
amount equal to C$20,692.50; and (b) 444,500 Purchased Shares were purchased for $0.45 per Purchased Share for an aggregate
amount equal to C$200,025.
Russell, Russell Industries, Tanya DeAngelis, Russell Family Holdings Inc. and Joan Arietta Russell may be considered joint actors (the "Concerned Shareholders") as a result of such
shareholders having an agreement, commitment or understanding to exercise jointly voting rights in connection with their Common
Shares. Prior to the Acquisition, the Concerned Shareholders owned an aggregate of 16,061,000 Common Shares, representing
approximately 41.74% of issued and outstanding Common Shares. After the Acquisition, the Concerned Shareholders own an aggregate
of 20,492,300 Common Shares, representing approximately 53.26% of the issued and outstanding Common Shares.
Russell Industries and any joint actors intend to effect a change in the board of directors and management of the Issuer.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning
System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under the Issuer's profile
on SEDAR (www.sedar.com) containing additional information
respecting the foregoing matters.
The Issuer's head office is located at 400 - 1444 Alberni Street, Vancouver, British
Columbia, Canada, V6G 2Z4. For inquiries or a copy of the related early warning report required under Canadian
securities legislation, a copy of which will be filed on www.sedar.com in accordance with applicable securities legislation, please contact:
SOURCE Daniel Russell
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