Vancouver, British Columbia - November 14, 2023 (Newsfile Corp.) (Investorideas.com Newswire) Synex Renewable Energy Corporation (TSX: SXI) (Formerly, Synex International Inc.) (the "Company" or "Synex") announced its financial and operational results for the three months ended September 30, 2023.
Revenue for the three months ended September 30, 2023 ("Q1 2024") decreased to $139,086 from $165,898 ("Q1 2023"). Electricity sales in Q1 2024 were $124,814 compared with $139,770 in Q1 2023, a decrease of $14,956 as a result of lower power generation from the Mears, Cypress, and Barr Plants.
The net loss attributable to shareholders of the Company in Q1 2024 was $745,899 as compared to a net loss of $743,998 in Q1 2023. Synex has continued to streamline and reduce costs for its normal operations. The Q1 2024 loss is a result of increased wind development costs (which under IFRS accounting are expensed when occurred) at Sea Breeze Power Corp., a wholly owned subsidiary of the Company, and increases in insurance costs as well as repairs and maintenance costs relating to the upkeep of operational assets that are historically done in the summer dry season. The net loss per share in Q1 2024 was $0.19 as compared to a net loss per share of $0.19 in Q1 2023.
The Company collectively spent a total of $428,230 on the development of investigative wind licenses at Sea Breeze Power Corp. in FY2023 and FY2022. This includes expenses for 3rd party consultants for reviewing technical aspects of the sites and labor costs. The Company intends to continue investing resources in developing these investigative wind licenses to support BC Hydro's Clean Power Call of generating at least 90% of electricity from clean or renewable sources.
As of September 30, 2023, the Company had an unrestricted cash balance of $232,124 as compared to $318,663 on June 30, 2023. The decrease in cash is mainly due to regular repairs and maintenance carried out on operating assets. The Company had a restricted cash balance of $970,340 and a term deposit of $230,000 at September 30, 2023.
The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $13,678,196 at September 30, 2023, as compared to $13,715,388 on June 30, 2023. Loans payable on September 30, 2023, included a current portion of $635,192 and a non‐current portion of $13,043,004.
Sea Breeze, a subsidiary of the Company, applied to expand the boundary of its wind energy investigative license to include more lands in the immediate vicinity of Kitimat. The application is currently subject to regulatory review. Management estimates that a wind farm in this area could deliver over 150 MW of clean electricity.
About Synex Renewable Energy Corporation
Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit www.synex.com.
For media inquiries, please contact:
Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation.
4248 Broughton Avenue, Niagara Falls, ON L2E 3K6
Phone (905) 329-5000
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Synex's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved", including the potential electricity output for the Company's wind projects.
By identifying such information and statements in this manner, Synex is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated September 28, 2023 and available on the Company's profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf is expressly qualified in its entirety by this notice.
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