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Gold/Mining/Energy : Synex International Inc. (SXI.T) -- Ignore unavailable to you. Want to Upgrade?

To: Dick Martin who wrote (36)	2/22/2000 10:37:00 PM
From: Dick Martin	Read Replies (1) \| Respond to of 42

I always thought Synex was undervalued probably; about $1.50 a share would be a more reasonable price. So what will SXI be worth ex-dividend after 70 cents is paid out? Probably still about 70 to 80 cents? It is good to see that the company is still going to go ahead with all three business areas. I understand that BC Hydro may be interested in developing some small hydro sites, building and selling these operations seems to be very profitable :-). Here is a story about electric utility deregulation. businessweek.com PRESS RELEASE Synex International Inc. announces Extraordinary General Meeting and special dividend TSE : SXI VANCOUVER, Feb. 22 /CNW/ - Synex International Inc. has provided notice that an Extraordinary General Meeting will be held on March 23, 2000 to seek shareholder approval of the sale of its Brown Lake Plant. As previously announced, the EPCOR Group of Edmonton has agreed to purchase the Plant for approximately $22 million by assuming the project debt of about $10.5 million and paying the balance of the purchase price of approximately $11.5 million. Synex International has also previously announced B C Hydro has entered into key principles of agreement to make a prepayment of $3,665,000 to its wholly owned subsidiary, Synex Energy Resources Ltd, in respect of the remaining payments due under the Clayton Falls Expansion Agreement. Synex Energy will use approximately $2,600,000 of such finds to repay its loan with Canadian Western Bank. The Information Circular for the Extraordinary General Meeting has just been mailed to the shareholders. It states, amongst other things, that a substantial portion of the net proceeds from the sale of these energy assets in the amount of approximately $10.4 million will be paid to the shareholders as a special dividend in the amount of approximately $0.70 per share. The payment and the amount of the special dividend is contingent upon the completion of the sale of the Brown Lake Plant and the conclusion of the agreement with B C Hydro with respect to the Clayton Falls Expansion Agreement. The Board of Synex International has directed Management to move forward with all of the activities of the three operating divisions with the goal of increasing earnings and cashflow, thereby maximizing shareholder value. These cover 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 hydroelectric projects. ------------------------ Alan Stephens, President %SEDAR: 00002435E -0- 02/22/2000 For further information: Alan Stephens, President, (604) 688-8271, Fax (604) 688-1286, E-mail astephens@synex.com, www.synex.com