Latest news with #Synex
Yahoo
01-08-2025
- Business
- Yahoo
Sitka Power Inc. Completes Acquisition of Synex Renewable Energy Corporation
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2025) - Synex Renewable Energy Corporation (TSX: SXI) ("Synex" or the "Company") and Sitka Power Inc. ("Sitka") are pleased to announce the completion today of the acquisition of all of the common shares of Synex (the "Common Shares") by Sitka in an all-cash transaction pursuant to a plan of arrangement (the "Arrangement") under Part 9, Division 5 of the Business Corporations Act (British Columbia). Sitka acquired each Common Share for C$2.40, for total consideration of C$12,017,474.40. Mr. Trevor White, President and Chief Executive Officer of Sitka and President of Synex, commented: "We are happy to have achieved all approvals and consents to finalize this transaction, and we're appreciative to all of those that supported from both sides. This acquisition expands our operating asset base to British Columbia, and with it comes an impressive pipeline of development projects during a significant stage of growth and demand in the market." With the Arrangement now complete, the Common Shares will be delisted from the Toronto Stock Exchange in the coming days. The Company has submitted an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate the Company's public reporting requirements. In connection with the completion of the Arrangement, Tanya DeAngelis, Daniel J. Russell, Majed Masad, Richard McGivern and Danny Sgro resigned from the board of directors of the Company, each of Tanya DeAngelis, Daniel J. Russell, and Hari Rupawala ceased to be an officer of Synex and representatives of Sitka were appointed as directors and officers of Synex. Details regarding the Arrangement are set out in Synex's management information circular and proxy statement dated April 24, 2025, a copy of which can be found under Synex's profile on SEDAR+ at Additional Early Warning Report Information Upon completion of the Arrangement, Sitka holds 5,007,281 Common Shares, representing 100% of the issued and outstanding Common Shares. Immediately prior to the completion of the Arrangement, Sitka did not hold, directly or indirectly, any Common Shares. An early warning report containing additional information will be filed by Sitka in accordance with applicable securities laws and will be available on SEDAR+ at or may be obtained directly from Sitka upon request to Cory St. Croix at (866) 467-4852. The head office address of Sitka is Suite 1500 - 639 5 Avenue SW, Calgary, Alberta T2P 0M9. About Synex Renewable Energy Corporation Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 11 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 16 wind development sites that could provide up to 4,700 MW of clean power in British Columbia. For further information, visit About Sitka Power Inc. Sitka is a small scale Canadian renewable energy developer and independent power producer, headquartered in Calgary, Alberta, and active in British Columbia, Alberta, Saskatchewan, and Ontario. Sitka is a portfolio company of Long Life Capital Management – Canadian Infrastructure Fund I LP, which, via its general partner Long Life Capital Management – Canadian Infrastructure Fund I GP, is managed by Long Life Capital Holdings Inc., a private equity manager. For further information, visit Forward-Looking Statements This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Such forward-looking information or statements ("FLS") are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the results of the completion of the Arrangement and the delisting of the Common Shares. FLS is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such FLS is reasonable, undue reliance should not be placed on FLS because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such FLS include, without limitation, the following factors, many of which are beyond the Company's control and the effects of which can be difficult to predict: (a) the possibility of adverse reactions or changes in business relationships resulting from the Arrangement; (b) credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Arrangement, including changes in economic conditions, interest rates or tax rates; (c) changes and trends in the Company's industry and the global economy; and (d) the identified risk factors included in the Company's public disclosure, including the annual information form dated September 27, 2024, which is available under the Company's profile on SEDAR+ at If any of these risks or uncertainties materialize, or if the assumptions underlying the FLS prove incorrect, actual results or future events might vary materially from those anticipated in the FLS. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in FLS, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such FLS. The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice. Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise, except as required under applicable securities laws. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review the Company's continuous disclosure filings that are available under the Company's profile at No securities regulatory authority has either approved or disapproved of the contents of this news release. The TSX accepts no responsibility for the adequacy or accuracy of this release. For more information, please contact: Trevor WhitePresident & CEO, Sitka Power Synex Renewable Energy CorporationSuite 1050 - 639 5 Ave SW, Calgary, Alberta T2P 0M9 Phone (403) 999-8781twhite@ To view the source version of this press release, please visit Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
01-08-2025
- Business
- Yahoo
Synex Renewable Energy Corporation Announces Regulatory Approvals
Vancouver, British Columbia--(Newsfile Corp. - July 31, 2025) - Synex Renewable Energy Corporation (TSX: SXI) ("Synex" or the "Company") announced today that the British Columbia Utilities Commission, the Province of British Columbia, and the British Columbia Hydro and Power Authority have each provided the respective requisite approval in connection with the previously announced statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia) (the "Arrangement"), whereby Sitka Power Inc. will acquire all of the issued and outstanding common shares of the Company ("Common Shares") for C$2.40 in cash per Common Share (the "Cash Consideration"). With all required shareholder, court and regulatory approvals having now been obtained, the Arrangement is expected to be completed on or about August 1, 2025, although the Arrangement remains subject to customary closing conditions that cannot be satisfied until completion. Further details regarding the Arrangement, including the regulatory approvals, closing conditions and the benefits for the shareholders of the Company, can be found in the Company's management proxy circular dated April 24, 2025, in respect of the Meeting, which can be found under the Company's SEDAR+ profile at About Synex Renewable Energy Corporation Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 11 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 16 wind development sites that could provide up to 4,700 MW of clean power in British Columbia. For further information, visit About Sitka Power Inc. Sitka is a small scale Canadian renewable energy developer and independent power producer, headquartered in Calgary, Alberta, who is active in British Columbia, Alberta, Saskatchewan, and Ontario. For further information, visit Forward-Looking Statements This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Such forward-looking information or statements ("FLS") are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the proposed timing and various steps contemplated in respect of the Arrangement, the results of the completion of the Arrangement, the likelihood that the Arrangement will be consummated, payment of the Cash Consideration and the delisting of the Common Shares. FLS is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such FLS is reasonable, undue reliance should not be placed on FLS because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such FLS include, without limitation, the following factors, many of which are beyond the Company's control and the effects of which can be difficult to predict: (a) the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, conditions of closing necessary to complete the Arrangement or for other reasons; (b) the possibility of adverse reactions or changes in business relationships resulting from the completion of the Arrangement; (c) risks relating to the abilities of the parties to satisfy conditions precedent to the Arrangement; (d) credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Arrangement, including changes in economic conditions, interest rates or tax rates; (e) changes and trends in the Company's industry and the global economy; and (f) the identified risk factors included in the Company's public disclosure, including the annual information form dated September 27, 2024, which is available under the Company's profile on SEDAR+ at If any of these risks or uncertainties materialize, or if the assumptions underlying the FLS prove incorrect, actual results or future events might vary materially from those anticipated in the FLS. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in FLS, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such FLS. The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice. Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise, except as required under applicable securities laws. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review the Company's continuous disclosure filings that are available under the Company's profile at No securities regulatory authority has either approved or disapproved of the contents of this news release. The TSX accepts no responsibility for the adequacy or accuracy of this release. For more information, please contact: Daniel J. RussellPresident & CEO, Synex Renewable Energy Corporation 4248 Broughton Ave., Niagara Falls, Ontario L2E 0A4 Phone (905) 329-5000 Sitka Power Inc. Trevor WhitePresident & CEO, Sitka Power Inc.639 5 Ave SW #1050, Calgary, Alberta T2P 0M9 Phone (403) 999-8781twhite@ To view the source version of this press release, please visit Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
13-05-2025
- Business
- Yahoo
Synex Renewable Energy Corporation Announces Third Quarter Results
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2025) - Synex Renewable Energy Corporation (TSX: SXI) (the "Company" or "Synex") announced its financial and operational results for the three and nine months ended March 31, 2025. For the three months ended March 31, 2025 ("Q3 2025"), revenue reduced to $733,743 from $929,547 in the corresponding period in fiscal year 2024 ("Q3 2024"). Electricity sales for Q3 2025 were $708,726 compared with $915,276 for Q3 2024, a decrease of $206,550 because of lower precipitation in the region as well as major downtime at Mears Creek site. Year over Year revenue increased by 6%. The net loss attributable to shareholders of the Company for Q3 2025 was $199,674 as compared to net loss attributable to shareholders of the Company of $58,898 for Q3 2024. The increase in net loss is due to lower electricity generation compared to prior year and lower precipitation and an outage at Mears Creek site. Since the acquisition of Sea Breeze Power Corp. ("Sea Breeze") in 2021 the Company has spent a total of $810,085 on the development of investigative wind licenses at Sea Breeze. This includes expenses for 3rd party consultants for reviewing technical aspects of the sites and labor costs. The Company intends to continue investing resources in developing the remaining investigative wind licenses to support BC Hydro's Clean Power Call of generating at least 90% of electricity from clean or renewable sources. As of March 31, 2025, the Company had an unrestricted cash balance of $287,336 as compared to $117,362 on June 30, 2024. The increase in cash is mainly due to collection from customers and an unsecured non-interest-bearing short-term loan received from a related party, Russell Industries Corp. (controlled by CEO Daniel J. Russell). The Company had a restricted cash balance of $730,770 and a term deposit of $230,000 at March 31, 2025. The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $12,946,035 at March 31, 2025, as compared to $13,080,196 on June 30, 2024. Loans payable on March 31, 2025, included a current portion of $487,905 and a non‐current portion of $12,458,130. About Synex Renewable Energy Corporation Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 16 wind development sites that could provide up to 4,700 MW of clean power in British Columbia. For further information, visit For media inquiries, please contact: Daniel J. RussellPresident & CEO, Synex Renewable Energy Corporation.4248 Broughton Avenue, Niagara Falls, ON L2E 3K6Phone (905) 329-5000E-mail: Cautionary Note Regarding Forward-Looking Information and Statements This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Synex's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved", including the potential electricity output for the Company's wind projects. By identifying such information and statements in this manner, Synex is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated September 27, 2024 and available on the Company's profile at Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf is expressly qualified in its entirety by this notice. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-02-2025
- Business
- Yahoo
Synex Renewable Energy Corporation Announces Second Quarter Results and the Appointment of a Director
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2025) - Synex Renewable Energy Corporation (TSX: SXI) (the "Company" or "Synex") announced its financial and operational results for the three and six months ended December 31, 2024. For the three months ended December 31, 2024 ("Q2 2025"), revenue increased to $1,222,392 from $972,718 in the corresponding period in fiscal year 2024 ("Q2 2024"). Electricity sales for Q2 2025 were $1,196,925 compared with $958,446 for Q2 2024, an increase of $238,478 YoY because of increased precipitation in the region and a rate increase for our Kyuquot Utility as approved by BCUC. The net profit attributable to shareholders of the Company for Q2 2025 was $153,867 as compared to net profit attributable to shareholders of the Company of $83,663 for Q2 2024. The increase in net profit is due to increased electricity generation compared to prior year. The Company spent a total of $767,722 on the development of investigative wind licenses at Sea Breeze Power Corp., since Sea Breeze's acquisition. This includes expenses for 3rd party consultants for reviewing technical aspects of the sites and labor costs. The Company intends to continue investing resources in developing the remaining investigative wind licenses to support BC Hydro's Clean Power Call of generating at least 90% of electricity from clean or renewable sources. As of December 31, 2024, the Company had an unrestricted cash balance of $271,105 as compared to $117,362 on June 30, 2024. The increase in cash is mainly due to collection from customers and unsecured non-interest-bearing short-term loan received from a related party, Russell Industries Corp. (controlled by CEO Daniel J. Russell). The Company had a restricted cash balance of $730,770 and a term deposit of $230,000 at December 31, 2024. The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $12,957,878 at December 31, 2024, as compared to $13,080,196 on June 30, 2024. Loans payable on December 31, 2024, included a current portion of $487,905 and a non‐current portion of $12,469,973. Director Appointment Synex also announced today that its board of directors of the Company (the "Board") has appointed Majed Masad to the Board, effective immediately. Mr. Masad is the co-founder of Mejuri and brings over 10 years of management and leadership experience. He also previously served as a special advisor and partner at FirePower Capital. Mr. Masad received an MBA in international business and finance at the Toronto Metropolitan University. "On behalf of the board of directors and management, I would like to welcome Majed Masad to the board of directors of the Company. Mr. Masad's appointment will greatly enhance the Company's ability to pursue strategic goals and deliver maximum value for shareholders", said Daniel J. Russell, Chief Executive Officer of the Company. About Synex Renewable Energy Corporation Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 16 wind development sites that could provide up to 4,700 MW of clean power in British Columbia. For further information, visit For media inquiries, please contact: Daniel J. RussellPresident & CEO, Synex Renewable Energy Corporation.4248 Broughton Avenue, Niagara Falls, ON L2E 3K6Phone (905) 329-5000E-mail: Cautionary Note Regarding Forward-Looking Information and Statements This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Synex's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved", including the potential electricity output for the Company's wind projects. By identifying such information and statements in this manner, Synex is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated September 27, 2024 and available on the Company's profile at Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf is expressly qualified in its entirety by this notice. To view the source version of this press release, please visit Sign in to access your portfolio
