Synex International Inc. announces prepayment of Clayton Falls contract
TSE : SXI
VANCOUVER, Feb. 21 /CNW/ - Synex International Inc. announces that its
wholly owned subsidiary, Synex Energy Resources Ltd., and B C Hydro have
entered into definitive key principles of agreement regarding the prepayment
by B C Hydro of the remaining monthly payments due to Synex Energy under the
Clayton Falls Expansion Agreement.
As a result of this transaction Synex Energy will receive a prepayment of
$3,665,000 and will use approximately $2,600,000 of such funds to repay its
loan with Canadian Western Bank, which loan is presently secured by the
Clayton Falls Agreement. The balance of the funds will be used partly for
working capital purposes and partly for distribution to the shareholders of
the Company in conjunction with an expected special dividend to be paid from
the proceeds of the sale of the Brown Lake Plant.
The closing of an amendment to the Clayton Falls Expansion Agreement is
expected to occur on or about March 1, 2000 with Synex Energy continuing with
its obligations to B C Hydro.
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.
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Alan Stephens, President
%SEDAR: 00002435E
-0- 02/21/2000
For further information: Alan Stephens, President (604) 688-8271, Fax (604) 688-1286, astephens@synex.com, www.synex.com |
