Vancouver, British Columbia--(Newsfile Corp. - February 10, 2021) - Synex International Inc. (TSX: SXI) (the "Company" or "Synex") is pleased to announce its financial and operational results for the six months ended December 31, 2020 ("Q2 2021").
Revenue for Q2 2021 increased to $1,499,878 from $1,354,783 in the six months ended December 31, 2020 ("Q2 2021"). Electricity sales from Q2 2021 were $1,172,606 compared with $924,054 in Q2 2020, which is an increase of $248,552. The increase in revenue for Q2 2021 was mainly due to higher power sales with respect to the Mears, Cypress and Barr hydroelectric plants.
The net income attributable to shareholders of the Company in Q2 2021 was $108,758 as compared to net income of $160,512 in Q2 2020. The net income per share in Q2 2021 was $0.00 as compared to an income of $0.00 in Q2 2020.
The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for Q2 2021 were $39,933 as compared to $(170,775) for Q2 2020.
As of December 31, 2020, the Company had a cash balance of $535,057 as compared to $859,906 at June 30, 2020. The total loan principal outstanding to the Canadian Western Bank was $13,025,785 at December 31, 2020 as compared to $13,172,287 at June 30, 2020. Loans payable at December 31, 2020 included a current portion of $10,844,255 and a non‐current portion of $2,181,530.
The Company is a run-of-river hydro developer, operator and engineering firm. The Company wholly owns or has a proportionate interest in a net total 12 MW of operating facilities in British Columbia, and a Vancouver Island grid connection and utility carrying on business as Kyuquot Utility. The Company also has 9.4 MW of construction ready run-of-river projects, and applications and land tenures on another 20 potential hydroelectric sites totaling over 150MW of installed Capacity in British Columbia.
On January 1, 2021, Synex Energy Resources Ltd., a British Columbia corporation wholly-owned by Synex completed the purchase of all of the issued and outstanding shares of Sea Breeze Power Corp. ("Sea Breeze"), a privately held British Columbia corporation. Sea Breeze is a wind energy development company.
Sea Breeze's assets consist of approximately 18 investigative licenses suitable for wind, solar and storage sites. Projects are divided into four regions of British Columbia: North Vancouver Island, Central coast, Okanagan, and East Kootenays.
"Daniel J. Russell"
Daniel J. Russell, President & CEO
400 - 1444 Alberni Street, Vancouver B.C. V6G 2Z4
Phone (604) 688-8271 Fax (604) 688-1286
E-mail: daniel.russell@russellindustries.com
Web Site: www.synex.com
Additional Information - This press release should be read in conjunction with Synex's management discussion and analysis and consolidated interim financial statements for the period ended December 31, 2020. This and additional information can be accessed at www.synex.com and under Synex's company profile on www.sedar.com.
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