VANCOUVER, BC / ACCESSWIRE / November 16, 2018 / Synex International Inc. (the "Company") announces that on November 14, 2018, Daniel J Russell and Russell Industries Corp. (collectively, the "Russell Group") filed a Petition in the Supreme Court of British Columbia (the "Petition") against the Company and Clifford Grandison (the "Respondents"). The Petition asks the Court to: (i) declare that, at the annual general meeting of the Company held on November 2, 2018 (the "Meeting"), (A) the motion to set the number of directors at seven failed, (B) Daniel J. Russell, Swami Sundarrajan, Cecilia Tam, Richard McGivern and Danny Sgro (the "Alternate Slate") were elected as the directors of the Company, and (ii) enter an order restraining the Company from conducting any business other than business in the ordinary course until the final disposition of the matter.
The Respondents believe that the Russell Group's effort to elect the Alternate Slate at the Meeting failed, that the Petition is without merit and they intend to mount a vigorous defense in the matter. On November 15, 2018 the Company's Board of Directors created a Special Committee comprised of three directors charged with the responsibility and the authority to conduct the Company's defense against the Petition.
The Company is a successful hydroelectric developer and consultant in British Columbia. The Company wholly owns or has proportionate interests in a total of 12 MW of operating facilities and 9.3 MW of construction ready facilities, awaiting electricity purchase agreements from BC Hydro. In addition, the Company has applications for water licences and land tenure on 24 potential hydroelectric sites totaling over 150 MW of installed capacity.
"signed"
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Greg Sunell, President
400 – 1444 Alberni Street, Vancouver B C V6G 2Z4
Phone (604) 688 8271 Ext. 309 Fax (604) 688 1286
E-mail: [email protected] Web Site: www.synex.com
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These statements reflect our current expectations and are subject to change. They are subject to a number of risks and uncertainties including, but not limited to, changes in economic conditions, risks associated with the construction and operation of hydroelectric facilities and changes in government policies. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.
SOURCE: Synex International Inc.