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January 25, 2013
As stated in our April 26th update, the company is active and working hard to build value for our shareholders. We remain committed to a focused set of manageable priorities that have been targeted for their potential to add value to the company in the near term and also because of their proximity to anticipated electricity demand in the near future.
More specifically, with regard the company’s project portfolio we can disclose the following:
- The company has received confirmation from Front Counter B.C. that its re-sizing (increased to 90 MW’s) and re-application for the Kinskuch RIver/Lake project has been accepted by the government. The companies re-filing was necessitated by the requirement for a new transmission plan due to the sale of some assets in the Blu Earth transaction;
- The company has signed two exclusivity agreement with First Nations with regard the Kinskuch River/Lake project. We feel these relationships and agreements position the company to progress the project;
- We have proceeded with filing new Investigative Use Permits (IUP’s), per Provincial Government requirements, for the remainder of Syntaris” project portfolio. This puts the company in compliance with current government requirements at this time; and
- Finally, with regard the project portfolio, the company remains in discussion with several large developers regarding Syntaris’s project portfolio.
As well, we would like to announce that Roger Harris has been assisting the company as President of the Kinskuch Project Team. Roger’s involvement has led to significant progress with First Nations relationships and agreements and we look forward to further progress on the Kinskuch project moving forward.
Finally, we apologize for delay in calling an AGM (as we stated we would in our June 4th update). Circumstances surrounding the details outlined above led to a series of delays which stretched beyond the summer and fall months. It is still the companies intent to hold an AGM when further substantive details can be communicated.
Thank you for your continued support as shareholders and we look forward to providing more updates to you moving forward.
June 4, 2012
B.C. Hydro has taken a significant step towards future power acquisitions with the release of its draft 2012 Integrated Resource Plan (IRP). Links to the B.C. draft IRP are below:
The IRP outlines BC Hydro’s plan for acquiring the resources to meet their customer needs over the long term with a focus on the next 20 years. Their plan and long term load forecast shows that demand for energy will grow by approximately 50% over the next 20 years before accounting for savings that can be achieved by conservation and energy efficiency measures. After taking into account demand side management and conservation plans, there is a projected capacity supply gap of 2400 MW’s by 2031. B.C. Hydro makes 11 recommendations in the IRP with recommendation #8 focussed on Independent Power Producers. Recommendation #8 states: “Develop energy procurement options to acquire up to 2000 gigawatt hours per year from clean energy producers for projects that would come into service in the 2016-2018 time period”. The document also suggests that a focus for procurement will be where demand is growing which includes the Lower Mainland and northwest.
The IRP provides an opportunity for Syntaris Power to advance projects in the northwest of the Province. To ensure these are actively being considered by BC Hydro over he coming months the company will engage in the consultation and feedback process and we will also continue to monitor developments at B.C. Hydro in order to be prepared for future power acquisition opportunities.
Finally, the companies AGM will be held sometime this summer (however, not in June) so 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 National Customer Care Center at 1-800-564-6253. Thank you for your continued support as shareholders and we look forward to providing more updates to you moving forward.
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.
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