Synergex Corporation
TSX : SYX

Synergex Corporation

June 01, 2009 18:21 ET

Synergex Provides Update on Filing Defaults and New Shareholders' Meeting Date

TORONTO, ONTARIO--(Marketwire - June 1, 2009) - Synergex Corporation ("Synergex" or the "Company") (TSX:SYX) is providing an update to its bi-weekly Default Status Report that was released on May 25, 2009 in accordance with National Policy 12-203: Cease Trade Orders for Continuous Disclosure Defaults.

The Company now anticipates that it will rectify its filing defaults on or before June 12, 2009. The management cease trade order imposed by the applicable securities regulatory authorities will continue until such time. However, the securities regulatory authorities, in their discretion, may then determine that it would be appropriate to issue a general cease trade order affecting all of the Company's securities.

The Company confirms that, except as described herein, and in its previously filed bi-weekly Default Status Reports, and in its initial default announcement: (i) there is no material change to the information set out in its initial default announcement and first bi-weekly Default Status Report filed pursuant to NP 12-203; (ii) there has been no failure by the Company in fulfilling its stated intention with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there is no actual or anticipated specified default subsequent to that disclosed in the initial default announcement; and (iv) there is no other additional material information concerning the affairs of the Company has not been generally disclosed.

Synergex also announces today that in light of the revised anticipated timeline to rectify the Company's filing defaults, its annual meeting (the "Meeting") of shareholders will now be held on Friday, July 31, 2009 at 3:00 p.m. (Toronto time) at its offices, 1280 Courtneypark Drive East, Mississauga, Ontario L5T 1N6. The record date for determining those Synergex shareholders entitled to receive notice of and vote at the Meeting is now June 16, 2009. Formal notice of the Meeting and a management proxy circular will be sent to such Synergex shareholders in due course.

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 www.syx.ca.

Forward-Looking Information

This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Synergex to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the Company's expectation with respect to applying to the applicable securities regulatory authorities for a management cease trade order, the expected time for filing of the Company's Required Documents and the imposition of a cease trade order by applicable securities regulatory authorities. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations including, but not limited to, the risks detailed from time to time in Synergex' filings with Canadian provincial securities regulators. Synergex cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and Synergex does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

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