Synergex Corporation

Synergex Corporation

April 21, 2009 17:00 ET

Synergex Secures Financing to Support Continued Growth in Latin America

MISSISSAUGA, ONTARIO--(Marketwire - April 21, 2009) - Synergex Corporation ("Synergex") or (the "Company") (TSX:SYX) a premier international sales, marketing, and distribution company today announced that it has accepted a $6 million USD credit facility proposal from FGI Finance. The Company will utilize the credit facility to finance its accounts receivable in its two largest Latin American territories; namely Mexico and Brazil. The credit facility has a term of 3 years at an interest rate of U.S. prime + 4%.

"This financing supports stronger growth of our businesses in Mexico and Brazil by enhancing the Company's liquidity position in an affordable way. We are also taking strong measures minimizing our exposure to credit risk in all Synergex territories," said David Aiello, President and Chief Executive Officer.

To further support its operations, the Company has taken proactive steps to minimize credit risk with its customers and has refined its accounts receivable collection processes to ensure more timely receipt of payments from customers. The Company maintains credit insurance on all of its accounts receivable in Mexico and Brazil.

"FGI is one of the few financial services offering financing to North American companies supporting sales to Latin America. We were pleased to be able to negotiate this exceptional financing program with FGI which will provide significant support to grow revenue in Latin America," said John L. Smith, Senior Vice President, Synergex Corporation.

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

Forward-Looking Statements

Some of the statements contained in this news release may be forward-looking statements such as the Company's future plans, objectives and goals. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties, which could cause actual results to vary considerably from these statements.

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