Vancouver, British Columbia--(Newsfile Corp. - May 15, 2024) - Synex Renewable Energy Corporation (TSX: SXI) (the "Company" or "Synex") announced its financial and operational results for the three months ended March 31, 2024.
For the three months ended March 31, 2024 ("Q3 2024"), revenue increased to $929,547 from $864,645 in the corresponding period in fiscal year 2023 ("Q3 2023"). Electricity sales for Q3 2024 were $915,276 compared with $839,053 for Q3 2023, an increase of $76,223 as a result of power generation from the Mears, Cypress, and Barr Plants.
The net loss attributable to shareholders of the Company for Q3 2024 was $58,898 as compared to net loss attributable to shareholders of the Company of $213,803 for Q3 2023. The reduction in net loss is due to lower costs incurred compared to the previous year. The net loss per share in Q3 2024 was $0.01 as compared to a net loss per share of $0.05 in Q3 2023.
The Company collectively spent a total of $563,262 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 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 March 31, 2024, the Company had an unrestricted cash balance of $451,091 as compared to $318,663 on June 30, 2023. The increase in cash is mainly due to higher sales revenue from power generation as well as private placement that was completed on November 22, 2023. The Company had a restricted cash balance of $766,476 and a term deposit of $230,000 at March 31, 2024.
The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $13,418,356 at March 31, 2024, as compared to $13,715,388 on June 30, 2023. Loans payable on March 31, 2024, included a current portion of $635,192 and a non‐current portion of $12,783,164.
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 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 28, 2023 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.
