EDMONTON, ALBERTA--(Marketwired - April 30, 2015) - Synodon Inc. ("Synodon") (TSX VENTURE:SYD) announces that it has signed a 3-Year contract with an existing customer for realSens™ integrity services covering the customer's oil pipeline infrastructure as well as their smaller natural gas network. The new contract expands the frequency of surveys from one to three times per year and is testament to the market's adoption of Synodon's oil leak detection offering in addition to the well-established gas leak detection capabilities of its realSens™ instrument.
"This agreement is the culmination of a two year process, which included two full pipeline network surveys, a live demonstration of the realSens™ technology's ability to detect small leaks of the customer's crude oil product (announced in a press release on May 8, 2014) and the publication of the results in a joint paper presented with the same customer at the International Pipeline Conference in October 2014," stated Synodon's President, Mr. Adrian Banica.
The value of the contract over the 3-Year term could exceed $750,000 depending on the number of additional realSens™ services required in addition to oil leak detection.
Synodon Inc. (www.synodon.com) is a technology company that has developed an advanced airborne remote gas sensing system called realSens™, based on technologies developed under the Canadian Space Program and by Synodon scientists. The company currently provides advanced airborne pipeline integrity management services to the oil and gas sector through a suite of services including natural gas and liquid hydrocarbon leak detection, pipeline threat assessments, and waterway crossings analysis among others.
Forward-Looking Statements
This press release includes forward-looking statements about Synodon Inc., including management's estimate of the future value of customer contracts. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects', 'anticipates', 'intends', 'plans', 'believes' or negative versions thereof and similar expressions.
Forward-looking statements reflect our current beliefs and are based on information currently available to us and on assumptions that we believe are reasonable. These assumptions include, but are not limited to, our ability to predict market demand for our products and services. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties which can be beyond our control. These include, but are not limited to, general economic conditions in the countries that we are pursuing contracts in, currency fluctuations and other changes in the competitive environment that Synodon operates in. For more information, please see the discussion on the principal risks that could affect our results under the section "Risks Relating to the Business" of Synodon's 2014 MD&A. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Forward-looking statements in this press release are made to describe management's expectations and assist shareholders in understanding our financial position. Readers are cautioned that the forward-looking statements presented in this press release may not be appropriate for other purposes. We are under no obligation (and expressly disclaim any obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise unless specifically required by applicable securities legislation.
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