TSX : SXI
VANCOUVER,
May 9, 2014 /CNW/ - For the nine
months ended March 31, 2014, revenue
was $3,949,249 as compared to
$3,708,113 for the nine months ended
March 31, 2013. The increase in
revenue is due to increases in sales from the Mears Plant, Kyuquot
Utility and Engineering Division partly offset by decreases in the
electricity sales from the Barr and Cypress Plants.
The net loss attributable to shareholders of the
Company for the nine months ended March 31,
2014 decreased to $295,801 as
compared to $397,298 for the nine
months ended March 31, 2013.
The decrease in net loss is primarily due to higher revenues from
the engineering and energy divisions. Both fiscal periods
experienced lower than expected generation due to dry weather
conditions. The loss per share for the nine months ended
March 31, 2014 was $0.01 as compared to a loss per share of
$0.01 for the nine months ended
March 31, 2013.
Capital expenditures in respect of the
development of run-of-river hydro projects in British Columbia for the nine months ended
March 31, 2014 totaled $354,729. The most advanced development
project of the Power Division is the 5.4MW McKelvie Creek Project
for which application for an electricity purchase agreement under
the BC Hydro Standing Offer Program was submitted to BC Hydro on
March 28, 2014. Other projects the
Company is active on include the 4MW Newcastle Creek Project and
the 10MW Victoria Lake Project . The Victoria Project has an
electricity purchase agreement dated August
2006 and the Newcastle
Creek project is expected to qualify for an
electricity purchase agreement under the current BC Hydro Standing
Offer Program.
During the nine months ended March 31, 2014, the Company received gross
proceeds of $183,300 from issuance of
408,000 common shares from the exercise of options by directors and
officers.
As at March 31,
2014, the Company had principal loans totalling $18,295,374 with the Canadian Western Bank
as compared to $18,461,818 at
June 30, 2013. At March 31, 2014, the Company had a cash balance of
$706,123.
The Company is a successful hydroelectric
developer and consultant in British
Columbia. The Company wholly owns or has beneficial
interests in a total of 12 MW of operating facilities. In
addition, the Company has applications for water licences and land
tenure on over 55 potential hydroelectric sites which are in
various stages of development or intended for disposition.
Mostly, the water licence applications are for projects with
individual capacities of less than 10 MW. BC Hydro under the
current Standing Offer Program accepts applications for electricity
purchase agreements for up to forty years with a maximum size of 15
MW.
"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.