Synex International Inc. announces update on operations
VANCOUVER, July 16 /CNW/ - Synex International Inc.
TSE : SXI
Synex International Inc. announces that during the month of June it
achieved record revenues from both the Software Division and the Energy
Division. For the Software Division the monthly revenue was about $500,000,
including channel sales of F9 and custom sales of the higher priced F9
Professional financial reporting product line. For the Energy Division the
monthly revenue was about $300,000 with the Brown Lake Hydroelectric Plant
operating at full capacity and without interruption. During the first week of
July the reservoir was at full storage level and above average revenues are
anticipated during the normally drier period from July through September.
In early July, a further loan advance was made to The New World Power
Company under the existing loan agreement with US$600,000 of the agreed amount
of US$1,000,000 now advanced.
Due to the difficulties experienced in raising third party financing for
the joint venture in Hebei Province, China, to construct and operate the
Yongnian Cogeneration Plant, and in accordance with the conservative
accounting policies of the Company, the investment in the amount of about
US$700,000 is expected to be written down in the fiscal year ended June 30,
1999.
As announced in February 1999, the Board of Directors and the major
shareholder, Greyvest Capital Inc, continue to believe that the market is
significantly undervaluing the shares of the Company and efforts to reposition
the assets with the goal of realizing the higher underlying shareholder value
are continuing.
Synex International Inc. has three wholly owned subsidiary companies: The
Software Division covering the development and marketing of business
intelligence and accounting related software; the Energy Division covering the
development and operation of electricity generation facilities; and the
Engineering Division providing consulting engineering services for the control
and use of water, including extensive experience with the planning, design and
operation of hydroelectric plants.
(signed)
__________________________
Alan W Stephens, President
%SEDAR: 00002435E
-0- 07/16/1999
For further information: Alan W Stephens, President (604) 688-8271, Fax (604) 688-1286, E-mail astephens@synex.com, Web Site www.synex.com |
