EDMONTON, ALBERTA--(Marketwired - Jul 17, 2014) - Synodon Inc. ("Synodon") (TSX VENTURE:SYD), announces that one of its clients, which had purchased realSens™ airborne integrity management services through an initial contract in 2012, has renewed its engagement of Synodon's services for their entire British Columbia gas transmission infrastructure. The surveys will cover roughly 2,600 kilometers of pipeline right-of-way, a 4 fold increase over the initial contract, and extends from Vancouver in the South all the way to Fort Nelson in the North.
"This signing reconfirms the typical sales cycle which Synodon has been using in its forecasting models where an initial contract with a pipeline operator of between 5 - 20% of their network is usually followed by one covering close to 100% of the system within 1 to 2 years," said Adrian Banica, Synodon's CEO. "In fact, as was presented in our company's most recent Management Discussion and Analysis document, 85% of this year's signed revenue kilometers so far come from repeat customers who have increased their contract amounts by nearly 4 times. The new customers that Synodon announced this year are expected to follow a similar pattern in the future,"
Synodon Inc. (www.synodon.com) is a technology company which 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.
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Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporation's periodic filings with Canadian securities regulators, which could cause actual results or events to differ materially from these indicated by such forward-looking statements. The Corporation believes that the expectations reflected in this news release are reasonable including the sales cycle which is expected in the future, based on past patterns, but actual results may be affected by a variety of variables and risks such as the individual circumstances of each customer's business, any increase in competition, general economic conditions, as well as risks and variables associated in general with the Corporation's industry. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results, circumstances or otherwise.