Synergex Corporation

Synergex Corporation

April 24, 2009 17:20 ET

Synergex Secures Financing to Support Continued Sales Growth

MISSISSAUGA, ONTARIO--(Marketwire - April 24, 2009) - Synergex Corporation ("Synergex") or (the "Company") (TSX:SYX) a premier international sales, marketing, and distribution company today announced that it has received an increase to its existing revolving line of credit limit with HSBC Bank Canada ("HSBC"). The $1.5 million bulge to $6.5 million will be used to support the Company's sales growth.

"The increased revolving credit line along with the financing we announced recently further supports the growth of our businesses by enhancing the Company's liquidity position." said David Aiello, President and Chief Executive Officer.

News of the $1.5 million increase to Synergex' revolving line of credit follows the Company's announcement of the $6 million USD credit facility proposal accepted by the Company this week and will bridge Synergex' financing needs while the Company finalizes the proposal.

"HSBC has been a long time financial services partner of Synergex and I am pleased that they have maintained their confidence in our business to elect to increase the limit of our revolving line of credit." said John L. Smith, Senior Vice President.

HSBC's decision to increase the Company's revolving line of credit has been highly supported by Integrated Private Debt Corp. ("IPD"), the Company's senior long-term loan provider. IPD has been a financial supporter of the Company since December 2007, funding a long-term fixed rate loan of $10 million.

In addition, the Company announced that IPD has established an interest rate on its loan to Synergex of approximately 8% on its long-term loan. The modest interest rate payable to IPD demonstrates their continued confidence in Synergex.

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.

Contact Information

  • Synergex Corporation
    Kevin Daniels
    Chief Communications Officer
    Synergex Corporation
    David Aiello
    President and Chief Executive Officer