Synergex Corporation
TSX : SYX

Synergex Corporation

August 06, 2009 18:53 ET

Synergex Expands Freight Forwarding Businesses Into Latin America

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 6, 2009) - Synergex Corporation (TSX:SYX) ("Synergex") or (the "Company") announced that it has obtained freight forwarding operating licenses in Mexico and Colombia, and has commenced freight forwarding operations in these territories.

"Historically, it has been part of our core identity to provide comprehensive third party logistics ("3PL") services to our customers. We believe that our freight forwarding operations in Latin America will enhance our profitability, and in the case of Colombia, it will bring the benefits of operating in the Bogota Free Trade Zone." said David Aiello, President & Chief Executive Officer of Synergex.

The Bogota Free Trade Zone is one of the most competitive free trade zones in Latin America offering companies a single 15% income tax rate and the ability to sell in the local market without VAT and customs duties. Juan Pablo Rivera, President of the Bogota Free Trade Zone remarked, "We are proud to have such an internationally capable and visionary company like Synergex operating out of our Free Trade Zone and we are happy to provide the support and structure to help make Synergex' investment profitable and prosperous for Synergex and its customers."

The Company is developing a competitive focus in the 3PL sector in the North-South trade lanes in the Americas by extending its network from Toronto and Montreal to include Latin American freight forwarding, domestic distribution stations, and related IT support systems.

In addition, Synergex has applied for its freight forwarding license in Chile, and within the next 12 months, the Company's Logistics Services Group will evaluate alternatives for establishing licensed freight forwarding operations in Argentina and Brazil.

"We are building our Latin American 3PL infrastructure and recruiting local professionals who possess the strengths and skills that have built our Canadian freight forwarding business from our Company's origin. We expect our Logistics Services network to thrive and to be a key part of Synergex Corporation's success worldwide." said Aiello.

About Synergex Corporation

Synergex is a premier international service provider of comprehensive supply chain management services in 6 countries across the Americas, specializing in distribution, licensing, sales, localization, packaging and marketing of digital entertainment products. Headquartered in Mississauga, Ontario, with operations across North, Central and South America, Synergex serves a broad base of customers that includes a number of multinational enterprises. Synergex is listed on the Toronto Stock Exchange and trades under the symbol SYX. For further information, please visit www.syx.ca.

Forward-Looking Statements

This press release contains "forward-looking statements" and "forward-looking information" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the timing and amount of estimated future expansion and costs of expansion. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "plan", "continue", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements are based on our beliefs and assumptions based on information available at the time the assumption was made. While Synergex considers its assumptions to be reasonable and appropriate based on the current information available, there is a risk that they may not be accurate. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Synergex to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to the integration of acquisitions, as well as those factors discussed in the section entitled "Risk Factors" Synergex' 2008 Annual MD&A. Before making any investment decisions and for a detailed discussions of the risks, uncertainties and environment associated with our business, fully review the section entitled "Risk Factors" Synergex' 2008 Annual MD&A. Although Synergex has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Synergex does not undertake to update any forward-looking statements that are incorporated by reference herein, except as required by law.

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