Synex International Inc. announces sale of Brown Lake Hydroelectric Plant
TSE : SXI
VANCOUVER, Feb. 4 /CNW/ - Synex International Inc announces that EPCOR
Group of Edmonton has agreed to purchase the Brown Lake Hydroelectric Plant,
owned and operated by Synex Energy Resources Ltd, for approximately $22
million. EPCOR will assume the project debt of about $10.5 million and pay
the balance of the purchase price of approximately $11.5 million in cash on
closing.
This transaction has been approved by the boards of directors of both
parties and will be subject only to the approval of the shareholders of Synex
International, at an Extraordinary General Meeting to be held before the end
of March 2000 and other customary closing conditions. Thereafter, closing of
the transaction would be achieved no later than mid April 2000. Shareholders
of Synex International will be provided with an Information Circular and Proxy
Materials in respect of the Extraordinary General Meeting to approve the
transaction in the near future.
EPCOR is an Alberta based company that supplies essential elements for
people - water, power, natural gas and technology services - to customers in
Alberta, Ontario and British Columbia.
Synex International Inc is a public company, trading on The Toronto Stock
Exchange, which has three operating divisions covering: the development and
marketing of business intelligence and accounting related software products;
the development and operation of electrical generation facilities; and an
engineering group providing services for the control and use of water,
particularly hydro power.
``signed'
________________________
Alan Stephens, President
%SEDAR: 00002435E
-0- 02/04/2000
For further information: Alan Stephens, President (604) 688-8271, Fax (604) 688-1286, E-mail astephens@synex.com, Web Site www.synex.com |
