Vancouver, British Columbia--(Newsfile Corp. - November 5, 2024) - Synex Renewable Energy Corporation (TSX: SXI) (the "Company" or "Synex") announced its financial and operational results for the three months ended September 30, 2024.
For the three months ended September 30, 2024 ("Q1 2025"), revenue increased to $209,945 from $139,085 in the corresponding period in fiscal year 2024 ("Q1 2024"). Electricity sales for Q1 2025 were $78,600 compared with $11,096 for Q1 2024, an increase of $67,504 as a result of increased precipitation in the region.
The net loss attributable to shareholders of the Company for Q1 2025 was $368,785 as compared to net loss attributable to shareholders of the Company of $745,899 for Q1 2024. The reduction in net loss is due to increased revenue, lower costs incurred compared to prior year as well as gain recorded on sale of Bouleau mountain wind site.
The Company spent a total of $701,229 on the development of investigative wind licenses at Sea Breeze Power Corp., since Sea Breeze's acquisition. 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 the remaining 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, 2024, the Company had an unrestricted cash balance of $274,326 as compared to $117,362 on June 30, 2024. The increase in cash is mainly due to unsecured non-interest-bearing short-term loan received from a related party Russell Industries Corp. (controlled by CEO Daniel J. Russell). The Company had a restricted cash balance of $701,003 and a term deposit of $230,000 at September 30, 2024.
The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $13,041,482 at September 30, 2024, as compared to $13,080,196 on June 30, 2024. Loans payable on September 30, 2024, included a current portion of $487,905 and a non‐current portion of $12,553,577.
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 16 wind development sites that could provide up to 4,700 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 E-mail: daniel.russell@synex.com
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 27, 2024 and available on the Company's profile at www.sedarplus.ca. 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.
