Edmonton, Alberta – July 17, 2014 - Synodon Inc. (“Synodon”) [TSXV-SYD], announces that one of its clients, which had purchased realSensTM 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 realSensTM, 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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