TSX : SXI
VANCOUVER,
Oct. 18, 2012 /CNW/ - Synex
International Inc. (the "Company") has previously announced that
Sigma Engineering Ltd. ("Sigma"), a wholly owned subsidiary of the
Company, was the successful bidder in the purchase of the assets
from the Receiver for Hawkeye Energy Corporation ("HEC") but that
Hawkeye Power Corporation ("HPC") opposed the sale on the basis of
an unregistered prior right to the assets. The assets include
36 applications for water licences and the associated land tenures
in the Bute and Jervis Inlet areas of British Columbia. On November 21, 2011, the Supreme Court of BC
rendered a Decision that HPC did not have ownership of the HEC
assets. On December 21, 2011,
HPC filed a Notice of Appeal of the Decision and a Notice of Stay
of the Decision.
On October 18,
2012, the BC Court of Appeal upheld the appeal of HPC and
ordered a new trial to be held in the Supreme Court of BC regarding
the claim of HPC to the HEC assets.
Synex International Inc. is a public company,
trading on the TSX since 1987, with business interests that cover
the development, ownership and operation of electrical generation
facilities and the provision of consulting engineering services in
water resources, particularly hydroelectric facilities.
"signed"
______________________________________
Greg Sunell, President
This press release contains forward-looking statements that
involve risks and uncertainties. These statements reflect our
current expectations and are subject to change. They are subject to
a number of risks and uncertainties including, but not limited to,
changes in economic conditions, risks associated with the
construction and operation of hydroelectric facilities and changes
in government policies.
SOURCE Synex International Inc.