Today's changes in the board of directors appears to be a circumstance which reflects the future involvement of Greyvest. It has been my understanding that there has been some discussion about whether Greyvest will continue being a controlling shareholder of Synex. Assets would have to be liquidated to redeem their shares, as the share price is too low do an equity transaction. This looks like it might make Synex a primarily software company with the sale of the major assets of Brown Lake,and certain other energy receivables. That most likely would mean the New World Power Corp deal. What this all means to the shareholder really isn't clear except that the software division is doing well and remains as an excellent investment.
Best Regards -- Dick Martin
VANCOUVER, Oct. 7 /CNW/ - Synex International Inc.
TSE: SXI
Synex International Inc. (``Synex') announces that the board of
directors has appointed Stuart Mooney as the Chairman of the Board effective
on October 1, 1999. He has been a director of Synex since 1993 and is the
President and COO of Greyvest Capital Inc. (``Greyvest'), which is the major
shareholder of Synex.
In addition a Special Committee of Directors, comprising Tom Mueller as
chairman, Lou Elmaleh, Bob Lunde, Stuart Mooney, Kim Stephens and Ken Yung,
was formed with regard to the process of repositioning the assets of Synex to
realize the inherent shareholder value, which was previously announced on
February 3, 1999.
Stuart Mooney also stated that Synex will proceed promptly to consider
offers for the assets of the energy division, including the Brown Lake
Hydroelectric Plant and certain other energy receivables.
(signed)
-------------
Alan Stephens, President
%SEDAR: 00002435E
-0- 10/07/1999
For further information: Alan Stephens, President, 400 - 1444 Alberni Street, Vancouver BC, V6G 2Z4, (604) 688-8271, Fax (604) 688-1286, E-mail astephens@synex.com, Web Site www.synex.com |
