Vancouver, British Columbia--(Newsfile Corp. - October 30, 2023) - Synex Renewable Energy Corporation (TSX: SXI) ("Synex" or the "Company") today announced that the Company's Board of Directors (the "Board") has initiated a strategic review of the Company with the aim of enhancing shareholder value. The review will explore and evaluate all strategic alternatives available to the Company, including the sale of the Company.
Daniel J. Russell, Chief Executive Officer of Synex commented, "We have a strong and competitive business, with a diversified portfolio of renewable assets in a leading jurisdiction. That said, we believe the value of our assets is not fully realized. As a result, we have determined that pursuing a strategic review is the best path forward for Synex at this time. During this strategic review process, Synex will continue to move its approximately 5,000MW of development projects forward as we look for the best next steps to realize on creating shareholder value."
While the Board has not set a timetable for this process, nor has it made any decisions related to any strategic alternatives at this time, it hopes to have something concluded over the next several months. There can be no assurances that the Board's review of strategic alternatives will result in a transaction. Synex does not intend to provide announcements of updates regarding this process unless or until it determines that further disclosure is appropriate or necessary.
Synex has retained Beacon Securities Limited as its financial advisor to assist with the strategic review process.
About Synex
Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit www.synex.com.
Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation. (Formerly, Synex International Inc.)
524 Locust St., Burlington, ON, L7S 1V2
Phone (905) 329-5000
E-mail: daniel.russell@synex.com
Forward-looking Information - This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information included in this press release reflects the current expectations of Synex management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "target", "will", "would" and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation, statements regarding the strategic review of the Company and the aims and expected timing thereof.
Forward-looking information involves significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. There can be no assurance that a transaction, strategic change or outcome will result from or be implemented as a result of the strategic review or that any transaction resulting therefrom will ultimately enhance shareholder value or result in a lower cost of capital. Forward-looking statements contained herein are provided for the purposes of presenting information about management's current expectations and plans relating to the future and such information may not be appropriate for other purposes. Synex cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors should be considered carefully and undue reliance should not be placed on the forward-looking information. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by Synex with Canadian securities regulatory authorities. Synex assumes no obligation or intention to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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