Synex International Inc.: Update on Victoria Lake Project Development
Vancouver, British Columbia (FSCwire) - Synex International Inc. (the “Company”) announces that the Company and Natural Forces have entered limited and general partnership agreements (the "Agreements") for the development of the Victoria Lake Hydro Project ("Victoria"). Victoria is a proposed 10MW hydro facility to be located near Port Alice on northern Vancouver Island and is currently advancing the regulatory approvals process. Under the Agreements, the Company will contribute its existing project assets and Natural Forces will fund the current development activities. The Agreements provide for potential cumulative future funding contributions to result in an ownership interest of the Company of about 25% and for Natural Forces of about 75%. The Company has a significant number of opportunities for hydroelectric developments in British Columbia and anticipates a combination of both majority and minority interests, depending on the size and attributes of specific projects and the stage of project development.
The Company is a successful hydroelectric developer and consultant in British Columbia. The Company wholly owns or has proportionate interests in a total of 12 MW of operating facilities and 9.3 MW of construction ready facilities. In addition, the Company has applications for water licences and land tenure on 24 potential hydroelectric sites totaling over 150 MW of installed capacity.
Greg Sunell, President
400 – 1444 Alberni Street, Vancouver B C V6G 2Z4
Phone (604) 688 8271 Ext. 309 Fax (604) 688 1286
Forward Looking Statements
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. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.
Source: Synex International Inc. (TSX:SXI)
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