Synergex Corporation
TSX : SYX

Synergex Corporation

November 17, 2010 18:53 ET

Toronto Stock Exchange Extends Synergex Listing Review Process

MISSISSAUGA, ONTARIO--(Marketwire - Nov. 17, 2010) - Synergex Corporation ("Synergex" or the "Company") (TSX:SYX) announced today that the Toronto Stock Exchange has granted the Company an extension of its continued listing review process. The Company expects to cure its reporting defaults by mid-December after which time it will apply to the Securities Regulatory Authorities for a lifting of the general cease trade order. 

The impact of the global financial crisis, and foreign exchange fluctuations, resulting in changes in the Company's cost of capital in 2009 and earlier in 2010 were significant challenges for Synergex.

The Company has implemented a restructuring action plan to meet these challenges, and management expects improvement in the short-term and long-term resulting from significantly lower staffing and other operating costs, as well as improving economic conditions in the 6 countries in North and South America where Synergex has active, ongoing operations.

"In addition to lowering costs, Synergex met these challenges through increasing revenue in the Company's logistics operations, which is less capital intensive than the distribution operations. We succeeded in diversifying our products and services within the supply chain services industry that is our foundation," said David Aiello, President and CEO. "We have recast our business model and foresee that less capital intensity will be required in order to earn income."

Management will focus on supply chain management services and related technologies which is expected to enhance the Company's financial strength and create value for its shareholders. Synergex helps customers optimize cost and customer satisfaction by co-managed planning and order acquisition, and through flawless execution of inventory movement between manufacturing plants and final customers.

About Synergex Corporation

Synergex is a premier international service provider of comprehensive supply chain management services in 6 countries across the Americas, specializing in logistics services, distribution, 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

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
    David Aiello
    President and Chief Executive Officer
    905-565-1212
    david.aiello@syx.ca