Synodon Announces Waiver of 10 Day Period in Respect of Recently Received Notice of Intention to Enforce Security

EDMONTON, AB / ACCESSWIRE / November 18, 2016 / Synodon Inc. (TSXV: SYD) (“Synodon”, or the “Company”), recently announced that it has received a demand letter and Notice of Intention to Enforce Security pursuant to Section 244(1) of the Bankruptcy and Insolvency Act (Canada) (the “Notice of Intention”) from Cranberry Capital Inc. (“Cranberry Capital”), a company controlled by Paul van Eeden, outlining that Cranberry Capital intends on enforcing its security over the Company’s assets and that the total amount of indebtedness secured by the security is $3,091,333.00. Further to the Notice of Intention, the Company has now consented to early enforcement by Cranberry Capital of its security against the Company’s assets. Cranberry Capital has indicated to the Company that it intends to apply to the Court of Queen’s Bench of Alberta for the appointment of a Receiver and Manager over the Company’s property, assets and undertakings. In the event that such an Application is made by Cranberry Capital, the Company will consent to the Court appointment of a Receiver and Manager in respect of the Company.

For more information, please contact:

Synodon Inc.
Mahesh Liyanage
Chief Financial Officer
Phone: 604-248-8666

Synodon Inc. (www.synodon.com) provides advanced aerial integrity management services to oil and gas pipeline operators including natural gas and liquid hydrocarbon leak detection, pipeline threat assessment, vegetation encroachment, water crossing analysis and other custom services.

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.

SOURCE: Synodon Inc.

ReleaseID: 449386