Synex International Inc. First Quarter of Fiscal 2020

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Vancouver, British Columbia--(Newsfile Corp. - November 12, 2019) - For the three months ended September 30, 2019 ("Q1 2020") revenue increased to $425,769 from $411,608 in the corresponding period in fiscal 2019 ("Q1 2019"). Electricity generation for Q1 2020 was above average whereas in Q1 2019 generation was below average. Electricity sales for Q1 2020 were $88,584 higher than in Q1 2019.

The net loss attributable to shareholders of Synex International (TSX: SXI) (the "Company" or "Synex") in Q1 2020 was $525,774 as compared to net loss of $576,988 in Q1 2019. The decrease in net loss was primarily due to increased generation at the hydroelectric plants in Q1 2020. Net loss per share for Q1 2020 was $0.01 as compared to a net loss per share of $0.02 for Q1 2019.

The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for Q1 2020 were $nil as compared to $60,170 for Q1 2019.

At September 30, 2019, the Company had a cash balance of $297,973 as compared to $438,763 at September 30, 2018. The total loan principal outstanding to the Canadian Western Bank was $13,979,679 at September 30, 2019 as compared to $14,311,410 at September 30, 2018. Loans payable at September 30, 2019 included a current portion of $7,032,825 and a non-current portion of $6,946,854.

During the year ended June 30, 2019, the Company received notification of a claim by a former officer of the Company in relation to severance pay. On October 23, 2019, the Company finalized a settlement agreement with such former officer.

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 24 potential hydroelectric sites totaling over 150MW of installed Capacity in British Columbia.

"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

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: any forecasts with respect to financial performance and capital expenditures and the nature, timing, benefits and expected costs of future hydroelectric project development.

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. Such risk factors or assumptions include, but are not limited to: changes in economic conditions, risks associated with the construction and operation of hydroelectric facilities and changes in government policies. 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.

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 September 30, 2019. This and additional information can be accessed at www.synex.com and under Synex's company profile on www.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49676

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