SNTL million dollars in revenues being generated
Syncronys International, Inc. (PC) (USOTC:SNTL)
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Today : Tuesday 9 April 2013
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MANDEVILLE, La., April 9, 2013 /PRNewswire/ -- Syncronys International (OTC Pink: SNTL)
Syncronys International is pleased to announce that its subsidiary Seeker Technologies Ltd. (www.Seeker-Tec.com) has secured its first revenue generating contract with Quest Solutions, an Angolan based company. Quest which has contracts with Angolan authorities for the removal of landmines is an established company in the region having worked in the landmine disposal business for a number of years.
This initial contract, to locate and remove landmines, covers a relatively small parcel of land and will generate revenue of $2 million over the next six to eight months for Seeker technologies. Seeker will then proceed to tender for further contracts in the north and west of the country, through a joint venture, Angolan domiciled company, in which Seeker will hold an interest.
Quest wish to enter into an extended arrangement with Seeker that will utilize Seeker sensor technology in Angola, which is one of the most infected landmine countries in the world. At this time, mine clearance is being undertaken manually in the traditional way and the Seeker system will be introduced and employed in suitable areas to reduce time and maximise profitability of the contracts.
Quest has also committed to a 10% equity stake in Seeker's parent company Seeker Tec International, Inc. for which the initial payment tranche has been received.
Members of the Seeker management team are now planning to visit the area late April, early May. During which time tenders for larger areas in the south east of the countries will be discussed with stakeholders including national Government Ministers, regional administrators, senior US diplomats, NGO's and oil company executives.
"This is a small but significant start to our business" said the CEO of Seeker Tec, Mike Kendrick. "Operating in Africa is not always easy but there is a vast potential for our products and services on this continent, with the involvement of international companies that have significant commercial investments in the region. Whilst the humanitarian need is well understood", he added, "the need for large multi-national concerns to capitalize on investments by releasing land back to productive use is also an economic imperative".
"Obviously, the team is very excited by finally securing the first contract," said Mr Kendrick "and to moving the business forward while providing help too much needed countries. We are already negotiating for further four or five contracts, which have the potential to add significant revenue and profit for Seeker technologies."
Seeker Technologies is also working to add further new sensor packages to its suite of products, opening markets that would not require high cost ground penetrating radar. These include projects such as plant and animal surveys and high definition mapping for use in land remediation and management. This will offer a variety of industries a lower cost and high definition option in established markets, around the world, including the USA.
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
