Syntaris Power Corporation (the “Company”) is pleased to announce that it has closed a transaction with Veresen Inc. and sold its interest in the Culliton Creek Project. This allows the Company to pay outstanding debts on the Culliton Creek Project as well as settle a number of other outstanding liabilities. The Company intends to pursue further opportunities to sell one or more of its assets and/or new partnership arrangements for some of its project portfolio. As previously stated, the objective of the Company’s restructuring plan is to stabilize the finances of the Company, better preserve shareholder value and plan for the long term sustainability and future growth of the Company.
The Company is moving its offices. It closed its office at 999 West Hastings Street on May 31st. As it continues through the restructuring process, the Company plans to identify new office space and will provide a further update on its new location once it is confirmed.
The Company anticipates that it will have more news during the next 30-60 days. The Company is committed to providing its employees, stakeholders and shareholders with further corporate updates as progress warrants.