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Shareholder Update
April 26, 2012
Now that the companies corporate restructuring and the transaction with Blu Earth Renewables are both complete, we wanted to take this opportunity to update shareholders on other developments.
With our corporate and financial restructuring behind us, we are directing all attention to the future and working to build value for our shareholders. The company is very much in business, active and working towards being ready for future BC Hydro Clean Power Calls.
To build value, we have a core team of experienced business leaders who understand both the renewable power business in British Columbia and the portfolio of projects Syntaris Power retained. We are also looking at new additions to our management team to augment the current team of seasoned professionals. The current team is actively focused on driving the company’s strategic priorities while also maintaining the company’s financial stability by treating corporate resources cautiously to ensure we retain capital to maintain operations for the foreseeable future.
As well as having a smaller and more focused team, we also have a focused set of manageable priorities that have been targeted for their potential to add value to the company in the near term. More specifically, the management of Syntaris Power is focused on developing energy opportunities in the North West of British Columbia to capitalize on the anticipated energy demand from the burgeoning LNG industry on the North Coast. This focus on the North Coast has led to developing working relationships with key First Nations as well as early stage discussions with a major developer to partner on large energy projects the company is pursuing. As well as the North Coast, the company is also pursuing early stage discussions on the development of the projects acquired in the Atla Energy transaction.
Finally, Syntaris Power will be hosting an AGM in Vancouver this summer. We anticipate the meeting will occur in June but please await notification via regular mail to the address we have for you in the corporate registry that is held by Computershare. If you have moved, changed addresses or have not been receiving mail from Syntaris Power please advise Computershare of your new address by contacting the customer care department at 1-800-564-6253
Thank you for your continued support as shareholders and we look forward to updating you more regularly moving forward.
December 20, 2011
CORPORATE UPDATE: Syntaris Power Announces Financial Closing of Transaction with Blu Earth Renewables
Syntaris Power Corp. (“Syntaris”) is pleased to announce the financial closing of the transaction announced on July 13, 2011. This transaction involved the sale of 18 projects to Blu Earth Renewables. Syntaris shareholders overwhelmingly approved the transaction at a Shareholder meeting on August 12, 2011.
Financial close, following Shareholder approval, allows the final stages of the company’s corporate restructuring to move forward. As previously stated, the objective of the Company’s restructuring plan is to stabilize the finances of the Company, preserve shareholder value and plan for the long-term sustainability and future growth of the Company.
August 12, 2011
CORPORATE UPDATE: Syntaris Shareholders Overwhelmingly Approve Strategic Transaction
Syntaris Power Corp. is pleased to announce its shareholders overwhelmingly approved the Special Resolution outlined in the companies Information Circular mailed to shareholders. Shareholder approval ratifies the Purchase and Sale Agreement that Syntaris Power Corp. entered into on June 29, 2011 with a Canadian Independent Power Company. This second strategic transaction involved the sale of 18 of the company’s projects.
Shareholder approval allows the final stages of the company’s corporate restructuring to move forward. As previously stated, the objective of the Company’s restructuring plan is to stabilize the finances of the Company, preserve shareholder value and plan for the long term sustainability and future growth of the Company.
This second strategic transaction, approved at the August 12, 2011 shareholder meeting, will now proceed to financial close over the next 30-60 days.
July 13, 2011
CORPORATE UPDATE: Syntaris Power Announces Second Strategic Transaction
Syntaris Power Corp. is pleased to announce that it has entered into a Purchase and Sale Agreement, dated June 29, 2011, with a Canadian Independent Power Company. This second strategic transaction involves the proposed sale of 18 of the company’s projects so ratification of this agreement is subject to shareholder approval (the Board of Directors is unanimously recommending). As previously stated, the objective of the Company’s restructuring plan is to stabilize the finances of the Company, preserve shareholder value and plan for the long term sustainability and future growth of the Company. Registered shareholders of Syntaris will be notified of the transaction details via an Information Circular that was mailed out on Friday July 8th. Closing of the proposed transaction is subject to several conditions precedent as described in the information circular, including receipt of shareholder approval of the transaction from 66.7% of the votes cast at the meeting.
June 9, 2011
CORPORATE UPDATE: Syntaris Announces Sale of Culliton Creek Project
Syntaris Power Corporation (the “Company”) is pleased to announce that it has closed a transaction with Veresen Inc. and sold its interest in the Culliton Creek Project. This allows the Company to pay outstanding debts on the Culliton Creek Project as well as settle a number of other outstanding liabilities. The Company intends to pursue further opportunities to sell one or more of its assets and/or new partnership arrangements for some of its project portfolio. As previously stated, the objective of the Company’s restructuring plan is to stabilize the finances of the Company, better preserve shareholder value and plan for the long term sustainability and future growth of the Company.
The Company is moving its offices. It closed its office at 999 West Hastings Street on May 31st. As it continues through the restructuring process, the Company plans to identify new office space and will provide a further update on its new location once it is confirmed.
The Company anticipates that it will have more news during the next 30-60 days. The Company is committed to providing its employees, stakeholders and shareholders with further corporate updates as progress warrants.
May 13, 2011
CORPORATE UPDATE: Syntaris Power Announces Corporate Restructuring
Due to unfavourable market conditions, unforeseen circumstances related to potential strategic partnerships and the company’s challenges to raise capital, Syntaris Power intends to undertake a corporate restructuring. This corporate restructuring may involve a downsizing of the company, a sale of one or more of its assets and/or a new partnership arrangement for some or all the company’s project portfolio. The objective of this corporate restructuring is to stabilize the company, better preserve shareholder value and plan for the long term sustainability and future growth of the company.
We anticipate this restructuring may take between 6 to 8 weeks. The company is committed to providing its employees, stakeholders and shareholders with further corporate updates on a going-forward basis via our website.
If you have any questions please contact the following:
• External Vendors – Bill Grossholz, Controller (bgrossholz@syntaris.com)
• Investor Inquiries – Bob Fraser, Chief Executive Officer (bfraser@syntaris.com)
