#430-580 Hornby Street, Vancouver, BC V6C 3B6
Bill Grossholz 604-729-5759 bgrossholz@syntaris.com
Bob Fraser 604-727-6959 bfraser@syntaris.com
Shareholder update: February 28, 2019
Dear Syntaris Shareholders,
Syntaris Power Corp. has persevered through changes in government regulations, changes in government, changes in power regulators, changes in partners and changes in the economy. It has undoubtedly been a major struggle.
The current status of the Independent Power Producer sector is that governments and regulators have focused their attention on Site C, LNG and similar major initiatives. In fact, BC Hydro has recently notified the public that BC Hydro’s Standing Offer Program (SOP) and Micro-SOP are suspended indefinitely. This has all come at the peril of IPP’s. However, management feels that there is still a place for certain special case IPP’s. For example, where there are otherwise unsatisfied power needs or First Nation supported scenarios, we believe there are still potential opportunities for IPP’s.
Through this time, Syntaris has maintained development rights agreements of the major asset developed during the 2007 to 2010 period, Kinskuch Lake Project. The Project is near the City of Stewart, at the tip of the Alaska Panhandle. This area is in proximity to potential power hungry LNG sites, mining and First Nations. The current status of the project is that we have been working with certain affected First Nations to develop a business case for BC Hydro. This is a time consuming political process and will require a financial partner to make it a reality. Syntaris management intends to continue to develop the Project Business Plan until there is interest in the site, and we feel this is the best strategy to maximize the value to investors at this time.
If you have moved or changed contact information, please let us know. Bill Grossholz will be happy to coordinate that for you by email at BGrossholz@syntaris.com. Thank you for your continued support as shareholders and we look forward to providing more updates to you moving forward.
Yours Truly,
Syntaris Board of Directors
Further information can be obtained at any time by calling Bob Fraser at 604-727-6959.
