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Synex International Inc. Dispute Regarding Annual General Meeting

16.11.2018 - 23:26

VANCOUVER, BC / ACCESSWIRE / November 16,2018 / Synex InternationalInc. (the "Company") announces thaton 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 andClifford Grandison (the "Respondents"). The Petition asks the Court to: (i) declarethat, at the annual general meeting of the Company held on November 2, 2018(the "Meeting"), (A) the motion toset the number of directors at seven failed, (B) Daniel J. Russell, SwamiSundarrajan, Cecilia Tam, Richard McGivern and Danny Sgro (the "Alternate Slate") were elected as thedirectors of the Company, and (ii) enter an order restraining the Company fromconducting any business other than business in the ordinary course until thefinal disposition of the matter.

The Respondents believe that the Russell Group'seffort to elect the Alternate Slate at the Meeting failed, that the Petition iswithout merit and they intend to mount a vigorous defense in the matter. On November 15, 2018 the Company's Board ofDirectors created a Special Committee comprised of three directors charged withthe responsibility and the authority to conduct the Company's defense againstthe Petition.

The Company is a successful hydroelectricdeveloper and consultant in British Columbia. The Company wholly owns or hasproportionate interests in a total of 12 MW of operating facilities and 9.3 MWof construction ready facilities, awaiting electricity purchase agreements fromBC Hydro. In addition, the Company has applications for water licences and landtenure on 24 potential hydroelectric sites totaling over 150 MW of installedcapacity.

"signed"

___

Greg Sunell, President

400 – 1444 Alberni Street, Vancouver B C V6G 2Z4

Phone (604) 6888271 Ext. 309 Fax(604) 688 1286

E-mail:gsunell@synex.com Web Site: www.synex.com

ForwardLooking Statements

This press release containsforward-looking statements that involve risks and uncertainties. Thesestatements reflect our current expectations and are subject to change. They aresubject to a number of risks and uncertainties including, but not limited to,changes in economic conditions, risks associated with the construction andoperation of hydroelectric facilities and changes in government policies. TheCompany assumes no obligation to update or revise forward-looking informationto reflect changes in assumptions, changes in circumstances or any other eventsaffecting such forward-looking information, except as required by applicablelaw.

SOURCE: Synex International Inc.

(PR-Inside.com)

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