SOURCE: Illusense Inc.

Illusense Inc.

September 23, 2015 20:12 ET

Illusense Appoints New Executive Chairman

VANCOUVER, BC--(Marketwired - September 23, 2015) - Illusense Inc. ("Illusense") is pleased to announce that it has appointed Mr. Adrian Banica to the role of Executive Chairman.

Mr. Banica is a serial entrepreneur who founded two successful technology ventures in the last 20 years. The first was an electronics engineering company which designed a number of advanced oil and gas and space satellite systems and was acquired in 1999 by Belgium based Rhea Space Systems. His second enterprise, publicly listed Synodon Inc., is an advanced remote sensing company which successfully commercialized a methane sensing technology originally deployed on a NASA satellite by the Canadian Space Agency. The resulting helicopter based system called realSens™, is used primarily by oil and gas pipeline operators to detect leaks and emissions from their networks as well as other potential integrity issues. Mr. Banica has helped secure over $25 million in financing for the venture and assembled a strong management team to design, develop, commercialize and sell the resulting services directly to US and Canadian pipeline operators.

Mr. Brad Bycraft, CEO of Illusense commented: "Our team is very pleased to welcome Mr. Banica to the Board. His extensive experience in financing and commercializing complex hardware solutions and his insight and knowledge of the oil and gas pipeline industry will be invaluable as we continue to develop our technology. Mr. Banica's considerable management and boardroom experience will add to the strength, depth and effectiveness of our team."

Illusense Inc. (www.illusense.com) is developing an ultra-high resolution laser-based internal oil and gas pipeline inspection technology to enhance integrity management by proactively prioritizing pipeline maintenance actions. The resulting 3-D data sets will allow pipeline operators to capitalize on unprecedented intelligence to enhance the understanding of the condition of their assets and deliver on their zero-leak goals.

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including projections of future financial and operational performance; statements with respect to future events or future performance, estimated future revenues, anticipated operating costs and revenue and future demand for the Company's products and services. All statements in this press release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

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