Business & Finance
Business and Finance
Business and Finance
Mon, August 15, 2011
Sun, August 14, 2011
Sat, August 13, 2011
Fri, August 12, 2011 Synex International Inc. - Loan Renewal For China Creek Hydro Project
TSX : SXI
VANCOUVER, Aug. 12, 2011 /CNW/ - Synex International Inc. (the "Company") announces that Upnit Power Limited Partnership ("UPLP") has renewed the loan for the 6.5MW China Creek Hydro Plant effective July 15, 2011. The partners of UPLP and their partnership interests are Hupacasath First Nation (82.5%), Synex Energy Resources Ltd. (12.5%), Ucluelet First Nation (10%) and the City of Port Alberni (5%). Synex Energy Resources Ltd. is a wholly owned subsidiary of the Company.
The term of the renewal is 5 years with repayments based on a 15 year amortization. The principal amount of the loan at July 15, 2011 was about $7.62 million. UPLP made an extraordinary principal repayment in June 2011 in the amount of $250,000. The loan provides for periodic principal repayments without penalty.
The Company wholly owns and operates two hydroelectric plants totaling 6.6MW, has a minority interest in two operating hydroelectric plants totally 10MW, has under construction the 4.4MW Barr Creek Hydroelectric Project and has over 70 water licence and land tenure applications, mostly on Vancouver Island and in the Prince Rupert/Terrace area in British Columbia.
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.
