Synodon Announces Appointment of Executive Chairman
By Marketwired News
By Marketwired News
EDMONTON, ALBERTA–(Marketwired – March 19, 2015) – The Board of Directors of Synodon Inc. (TSX VENTURE:SYD) is pleased to announce 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.
In a press release on March 2, 2015, Synodon announced the company’s financial results for the year ended October 31, 2014. This included encouraging growth in revenues resulting in a profitable fourth quarter.
Ms. Laird commented: “The three-fold growth in our company’s revenues and survey kilometers over the past fiscal year is a major turning point for Synodon. We are very pleased with the results that our team delivered, however we also recognize that with growth comes a need for additional resources. Mr. van Eeden will work closely with Mr. Adrian Banica, the Founder and President of Synodon, to secure and allocate the resources we need for the next phase of our growth.”
Synodon and Cranberry Capital Inc., a private investment company controlled by Mr. van Eeden, executed a term sheet for a $3 million bridge loan facility that is anticipated to close by March 31st. The bridge loan has been put in place to ensure the continuing operations of the company and allow it to proceed with the construction of two additional realSens™ instruments until such time as more permanent capital can be put in place. The loan bears interest at 12% per annum and Cranberry Capital was paid a setup fee of $100,000 in conjunction with the loan.
This press release includes forward-looking statements about Synodon Inc., including its business operations, strategy and expected financial performance and condition. 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.
In addition, any statements that may be made concerning future financial performance, ongoing business strategies and prospects, and possible future action on the Synodon’s part, are also forward-looking statements that 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Nancy M. Laird