Syntaris Power
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)