Syntaris Power

OTTAWA — B.C. Premier Gordon Campbell ranks No. 1 in terms of dealing with fiscal policy whereas Dalton McGuinty, premier of Ontario, is the weakest, according to an analysis conducted by the Fraser Institute think-tank released Monday.

Further, the study’s authors suggest premiers from Western Canada tend to be better fiscal managers than their counterparts in central and Eastern Canada.

“Of the 10 premiers we examined, Premier Campbell simply did a better job than the others of managing his province’s public finances and pursuing sound long-term economic policies,” said Niels Veldhuis, Fraser Institute’s senior economist and co-author of analysis.

“Given the size of Ontario’s economy, the last-place ranking of McGuinty is particularly alarming. The lesson here is that McGuinty should follow Premier Campbell’s lead and stick to prudent spending increases, lower taxes, and surplus budgets.”

The Ontario government has mapped a slow road to balancing the province’s books. It has projected a deficit of $19.7 billion for fiscal year 2010-11, and would remain in the red until 2017-18.

Meanwhile, British Columbia recently announced its deficit for the present fiscal year would be slightly smaller than previously projected, coming in at $1.4 billion. British Columbia anticipates returning to budget surplus in the 2013-14 fiscal year.

The Fraser Institute examined the relative fiscal performance of 10 Canadian premiers for the duration of their time in office up to the most recent year of available data, which was the 2009-10 fiscal year. Each premier received an overall score out of 100, based on their performance on three components: government spending, taxes, and debt and deficits.

Campbell was first overall with a score of 89.1. Former Manitoba premier Gary Doer ranked second, 78.2, followed by Danny Williams of Newfoundland and Labrador, at 71.0. Fourth and fifth place went to Alberta’s Ed Stelmach, 66.4, and Saskatchewan’s Brad Wall, 57.9 — and as a result western Canadian premiers clinched four of the top five spots in the overall rankings.

By Paul Vieira, Financial Post

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Despite the recent slowdown, the International Monetary Fund said Wednesday it still sees Canada to be the leader in economic growth among major industrialized countries this year and next.

The finding is contained in the organization’s latest world economic outlook, released Wednesday, which suggested growth in the emerging markets would advance three times faster than rich nations next year.

The IMF forecast indicated the Canadian economy is set to grow 3.1% this year and 2.7% in 2011, which would be tops among major industrialized economies. Plus, next year’s expected advance of 2.7% would be ahead of the average 2.2% growth anticipated for the other big industrialized economies, such as Japan, the United States and Europe.

According to the IMF, the Canadian economy has been “relatively buoyant,” citing household balance sheets and a banking system that are in far better shape relative to their industrialized peers. This has allowed the Bank of Canada to begin raising its benchmark rate, from 0.25% to 1% as of last month. However, most analysts believe the central bank, led by governor Mark Carney, is about to hold off on rate hikes for the foreseeable future as growth in the United States weakens, and the U.S. Federal Reserve contemplates additional liquidity injections through asset purchases, or quantitative easing.

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Province to pay higher rates for green power from ‘emerging technologies’

Not content to watch Ontario’s attractive rates for green energy draw billions of dollars in investment, the B.C. government is flirting with new rules to accommodate more clean electricity projects.

The proposed changes fall far short of Ontario’s controversial feed-in tariff (FIT) program, which offers premium rates in long-term purchasing contracts for renewable energy projects.

The B.C. government is looking at adopting its own FIT regulations this fall, but it will pay higher rates for green power only from “emerging technologies.” In B.C., solar power and wind power – a significant share of Ontario’s clean energy campaign – won’t qualify.

“We’re going to be more selective, not just throw as much as we can at the wall and see what sticks,” B.C. Energy Minister Bill Bennett said in an interview on Monday. “In B.C., we are going to be more attuned to what is good for the ratepayer.”

In addition to the B.C. version of FIT, investors are expecting larger projects to qualify for long-term contracts – at higher rates – under B.C.’s standing-offer program. Under that program, BC Hydro agrees to purchase energy from small energy projects at long-term, fixed rates.

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Deal will increase development portfolio and provide expansion opportunities

NEWS RELEASE
September 24, 2010

Vancouver, British Columbia— Syntaris Power Corp., a private British Columbia company (“Syntaris”), is pleased to announce it has signed a merger agreement with Evergreen Power Corp., a private American-based renewable energy company (“Evergreen”). Management anticipates that the merged entity will boast an impressive development portfolio of 41 projects with an estimated total energy output of 622 megawatts.

“This merger will allow us to expand our business beyond British Columbia and Canada into the United States. We’re very excited about the new opportunity and the added resources it offers,” says Syntaris President and Chief Executive Officer, Robert Fraser. “We believe that this is the right move at the right time in our company’s development.”

In anticipation of closing, Evergreen’s Chief Financial Officer, Robert Abenante, joins Syntaris as Senior Vice President, Corporate Development. Abenante has significant experience in the development of projects in the United States and brings strong relationships with many renewable energy groups such as the American Council on Renewable Energy (“ACORE”) and the National Hydro Association (“NHA”). Abenante has regularly lectured at top tier universities and is currently developing renewable energy curriculum.

“I am pleased to join a team that has the experience, expertise and the potential to become a leader in the renewable energy industry in the Pacific Northwest,” says Abenante. “I look forward to uniting our efforts and developing the company as we move forward.”

Syntaris has engaged a North American-based financial investment company to lead a $50 million capital raise to acquire and develop renewable energy projects in Canada and the United States. Syntaris intends to develop a number of its near term projects through the provincial Standing Offer Program (“SOP”), which grants Energy Purchase Agreement’s to successful projects upon receipt of an environmental certificate and water license. Syntaris currently has 25 projects with an estimated total power output of 263 megawatts in its SOP development portfolio.

The merger, which is expected to close by the end of September, comes as Syntaris has submitted its Development Plan for the 15 megawatt Culliton Creek hydro project located near Squamish, British Columbia. The public process is expected to begin next month. Closing of the merger is subject to several conditions, and management cannot provide any assurance that such conditions will be satisfied or that the merger may close.

About Syntaris Power Corp.
Syntaris Power Corp. is a Vancouver-based green energy company committed to sourcing, developing and operating clean, renewable hydroelectric projects in the Province of British Columbia. The Company’s impressive development portfolio, representing approximately 622 MW of potential projects, can provide socio-economic benefits to First Nations and local communities. Successful development of these projects will help British Columbia achieve its required goal of energy self-sufficiency by 2016 and create a legacy of clean, renewable power for future generations. For more information about Syntaris Power, visit the company website, www.syntaris.com.

Forward Looking Information: The information contained in this news release may contain forward looking statements. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Note: This is not legal or tax advice. Individual investor financial circumstances will vary. Independent advice should be sought on the suitability of these types of investments.

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