Synergex Corporation

Synergex Corporation

November 11, 2008 21:09 ET

Synergex Corporation Refiles Second Quarter Financial Statements and Management's Discussion and Analysis for the Periods Ended June 30, 2008

MISSISSAUGA, ONTARIO--(Marketwire - Nov. 11, 2008) - Synergex Corporation (TSX:SYX), a premier provider of international logistics and distribution services, announced today that it has refiled its second quarter financial statements and management's discussion and analysis for the periods ended June 30, 2008 (the "Statements").

The refiling of the Statements corrects an error in the classification of the gain on the disposal of discontinued operations, in accordance with Section 3840 - Related Party Transactions of the CICA Handbook. As a result, the Company has amended and restated its consolidated balance sheets, consolidated statements of operations, consolidated statements of retained earnings and consolidated statements of cash flows for the periods ended June 30, 2008.

The impact of the restatement to the June 30, 2008 statements was a decrease to net income of $3,604,003 and a corresponding increase to contributed surplus.

None of the adjustments affect the Company's working capital or shareholders' equity as at June 30, 2008 and management believes the reclassification of this gain will have no effect on the Company's continuing operations.

About Synergex Corporation

Synergex is a premier international service provider of supply chain management solutions, specializing in logistics, distribution, freight forwarding, localization and packaging services. 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

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