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Last C$0.14 CAD
Change Today 0.00 / 0.00%
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SYD On Other Exchanges
As of 12:37 PM 05/5/15 All times are local (Market data is delayed by at least 15 minutes).

synodon inc (SYD) Snapshot

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05/15/14 - C$0.34
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synodon inc (SYD) Details

Synodon Inc. operates as a remote sensing technology company in Canada and the United States. It provides a proprietary platform technology, known as realSens, which is used for the measurement of small ground-level gas concentrations from an aircraft flying up to 300 meters in altitude. The company also offers various datasets, such as aerial imagery, thermal and terrain mapping, vegetation and ground type, etc. to energy companies. In addition, it provides liquid leak detection, natural gas leak detection, pipeline threat assessment, right-of-way change detection, tree canopy encroachment, water crossings analysis, and pipeline location classification services. The company was founded in 2000 and is headquartered in Edmonton, Canada.

Founded in 2000

synodon inc (SYD) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$200.0K
Chief Financial Officer
Total Annual Compensation: C$200.0K
Compensation as of Fiscal Year 2014.

synodon inc (SYD) Key Developments

Synodon Inc. Signs Multi Year, Triannual Contract with Oil Pipeline Operator

Synodon Inc. announced that it has signed a 3-Year contract with an existing customer for realSens(TM) 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(TM) instrument. This agreement is the culmination of a two year process, which included two full pipeline network surveys, a live demonstration of the realSens(TM) technology's ability to detect small leaks of the customer's crude oil product. The value of the contract over the 3-Year term could exceed $750,000 depending on the number of additional realSens(TM) services required in addition to oil leak detection.

Synodon Announces Closing of $3 Million Bridge Loan Facility with Cranberry Capital Inc

Synodon, Inc. announced the closing of the previously announced $3 million bridge loan facility with Cranberry Capital Inc. The Bridge Loan has been put in place to ensure the continuing operations of Synodon and allow it to proceed with the construction of two additional realSens(TM) instruments until such time as more permanent capital can be put in place. The Bridge Loan bears interest at 12% per annum and Cranberry Capital was paid a setup fee of $100,000 in conjunction with the loan. Interest will be payable monthly in cash in arrears. The Bridge Loan has a maturity date of March 31, 2016. The Bridge Loan includes certain customary events of default, including a change of control of Synodon. It is also an event of default if Mr. van Eeden ceases to own at least 20% of Synodon or if he involuntarily ceases to be Executive Chairman. The Bridge Loan is secured by the assets of Synodon. The Bridge Loan is expected to be serviced with cash flow from operations until such time as Synodon can raise sufficient capital from issuing equity to pay down the Bridge Loan. The net proceeds of any such equity financing are required to be used to repay the Bridge Loan prior to any other use thereof.

Synodon Announces Appointment of Paul Van Eeden as Executive Chairman

The Board of Directors of Synodon Inc. announced the appointment of Mr. Paul van Eeden as Executive Chairman of the company. Ms. Nancy Laird, the current Chair of Board, has been appointed as the company’s Lead Director. Mr. van Eeden will work closely with Mr. Adrian Banica, the Founder and President of Synodon, to secure and allocate the resources need for the next phase of growth.


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