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SYNEX INTERNATIONAL INC BARR CREEK HYDRO PROJECT - UPDATE

^{Published on 2011-05-04 10:40:57 - Market Wire}
 

TSX : SXI

VANCOUVER, May 4 /CNW/ - The Barr Creek Limited Partnership ("BCLP") and its general partner, Barr Creek Hydro Ltd. ("BCHL") are developing the Barr Creek Hydro Project (the "Project"). The Project is a 4.4 MW hydroelectric plant to be located near the Village of Tahsis on Vancouver Island, British Columbia. BCLP and BCHL will own, construct and operate the Project.

The limited partners in BCLP are Synex Energy Resources Ltd. ("SERL"), a wholly owned subsidiary
of Synex International Inc., and the Ehatteshat Tribe ("EFN"). SERL holds 80% of the units of BCLP
and shares of BCHL and EFN holds 20% of the units and shares of BCLP and BCHL, respectively.

A Credit Agreement has been executed between the Canadian Western Bank, BCLP, BCHL, SERL
and EFN. The Credit Agreement provides for construction and longer term financing in the maximum
amount of $9.1 million for the Project, subject to the terms and conditions included in the Credit
Agreement.

Concurrently, BCLP has entered into a contract for the supply and installation of the penstock with
Hazelwood Construction Services Ltd. Work is also proceeding on the supply of the turbine/generator
and the construction of the powerhouse substructure. The projected date for substantial completion
of the Project is November 2011.

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