News Release Early Warning Report

Vancouver, British Columbia--(Newsfile Corp. - February 15, 2023) - Daniel J. Russell announces that on February 14, 2023 he acquired indirect ownership of 196,078 common shares (the "Purchased Shares") in the capital of Synex Renewable Energy Corporation (TSX: SXI) (formerly, Synex International Inc.) (the "Issuer"), representing approximately 4.70% of the issued and outstanding common shares (the "Common Shares") in the capital of the Issuer (the "Acquisition"), after giving effect to the Offering (as defined herein).

The Purchased Shares were acquired from the Issuer as part of a private placement transaction (the "Offering") at a price of C$2.55 per Purchased Share, for an aggregate amount equal to approximately C$500,000.00.

Prior to the Acquisition, Mr. Russell owned, or had control or direction over, 2,269,579 Common Shares and 24,000 options to purchase Common Shares ("Options"), representing approximately 57.29% of issued and outstanding Common Shares on a partially diluted basis. After the Acquisition, Russell owns, or has control of direction over, 2,465,657 Common Shares and 24,000 Options, representing approximately 59.29% of the issued and outstanding Common Shares on a partially diluted basis.

Mr. Russell indirectly acquired the Shares for investment purposes. Mr. Russell may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Issuer.

This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under the Issuer's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters.

The Issuer's head office is located at 4248 Broughton Ave., Niagara Falls, Ontario L2E 0A4. For inquiries or a copy of the related early warning report required under Canadian provincial securities legislation, a copy of which has also been filed on www.sedar.com, please contact:

Daniel J. Russell
524 Locust Street
Burlington, Ontario L7S 1V2
Telephone: 905-646-7545

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154874