Augusta Industries Inc.

February 04, 2014 10:00 ET

Augusta Announces Development of Micro EFM System

TORONTO, ONTARIO--(Marketwired - Feb. 4, 2014) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is proud to announce the development of a new system based on its electric field mapping ("EFM") technology. The new Micro EFM system is a small, high resolution electric field mapping tool used to validate corrosion mitigation programs and/or measure the change in wall thickness due to corrosion and/or erosion.

This new Micro EFM system was specifically design for price conscious clients that might have not considered the Corporation's larger and more expensive systems. The new equipment is based on the Corporation's in-house designed cutting-edge acquisition hardware. The new Micro EFM systems produced will initially be made for applications that require sensor arrays of a few pins up to a maximum of 64 pins. Specific applications include, but are not limited to, measuring the change of a few pits.

In house testing has shown an improvement in baseline accuracy, under optimum conditions, that is approximately 6 to 10 times better than the older electric field mapping generation. This improvement in accuracy means that the new Micro EFM system will be able to react to much smaller changes in wall loss and to be able to monitor smaller pits.

Another innovation is that the new Micro EFM systems will be of a modular design. By the use of these modules, the Corporation will be able to custom tailor systems that will fit the most demanding expectations of its clients. This technology will be made available to clients that require larger sensor arrays.

With the new Micro EFM systems having a much smaller footprint and lower power requirements, the Corporation anticipates the development of a portable version of the Micro EFM system by the end of 2014. The new portable system will be targeted to clients that do not require continuous monitoring capabilities. More specifically, the new portable EFM system will be primarily designed for less critical applications like the monitoring of a dead leg segment.

For data analysis and presentation, the new Micro EFM systems will have a direct connection, using a wireless modem, to the Corporation's server banks where the data will be safely stored and analyzed which will then be made available to its clients by way of secure web portals.

The Corporation will continue to develop engineering and hardware solution that will continue to meet, if not exceed, current industry requirements for continuous and/or periodic non-intrusive wall loss monitoring.

About the Corporation:

Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and FOX TEK Canada Inc. ("Fox Tek"), the Corporation provides a variety of services and products to a number of clients.

Marcon is an industrial supply contractor servicing the energy sector and a number of US Government entities. Marcon's principal business is the sale and distribution of industrial parts and equipment (Electrical, mechanical and Instrumentation.) In addition to departments and agencies of the U.S. Government, Marcon's major clients include Saudi Arabia-Sabic Services (Refining and Petrochemical), Bahrain National Gas Co, Bahrain Petroleum, Qatar Petroleum, Qatar Gas, Qatar Petrochemical, Gulf of Suez Petroleum, Agiba Petroleum and Burullus Gas Co.

Fox Tek develops non-intrusive asset health monitoring sensor systems for the oil and gas market to help operators track the thinning of pipelines and refinery vessels due to corrosion/erosion, strain due to bending/buckling and process pressure and temperature. The Corporation's FT fiber optic sensor and corrosion monitoring systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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