Synergex Corporation
TSX : SYX

Synergex Corporation

December 29, 2010 11:40 ET

Toronto Stock Exchange Extends Synergex Listing Review Process

MISSISSAUGA, ONTARIO--(Marketwire - Dec. 29, 2010) - Synergex Corporation ("Synergex" or the "Company") (TSX:SYX) announced today that the Toronto Stock Exchange has granted the Company an extension on its continued listing review process. The continued listing review process was brought about by the Company's continuous disclosure filing defaults, its public market value and independent audit committee member deficiencies. The Company expects to cure its reporting defaults and apply to the Securities Regulatory Authorities for a lifting of its general cease trade order by early January and to announce the appointment of additional independent board members by late January. 

Synergex has faced challenges in 2009 and earlier in 2010 due to the impact of the global financial crisis, foreign exchange fluctuations, and changes in the Company's cost of capital. The Company has met these challenges and the Company's 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. Management is pleased that restructuring of a number of key staff positions across its offices, particularly in the accounting and finance teams, has been implemented. 

The Company's focus in the future will be to structure its business with a bias to not absorb the working capital risks of inventory and accounts receivable. This is expected to enhance the Company's financial strength and create value for its shareholders.

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, licensing, sales, 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