Augusta Industries Inc.

November 04, 2014 08:00 ET

Augusta Announces FOX-TEK Receives Order to Install Four More EFM Systems

TORONTO, ONTARIO--(Marketwired - Nov. 4, 2014) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO), a developer and marketer of patented non-intrusive sensing systems, is pleased to announce that its wholly-owned subsidiary FOX-TEK Canada Inc., today announced four more installations in Canada. FOX-TEK's Electric Field Mapping (EFM) System are being deployed to four new locations within Canada to validate the effectiveness of existing mitigation programs.

The four installations consists of four full 112-pin sensor array EFM systems to be used in the monitoring of potential internal wall loss on four separate locations. These continuous systems will wirelessly send their data to FOX-TEK's Chicago based data vault where the data from the sites will be analyzed and presented to the client via a secure web portal. Over time, the data will be correlated with other data to understand better the integrity of the monitored locations and, more importantly, to validate the existing mitigation program.

Allen Lone, FOX-TEK's president and CEO commented, "These 4 installations are a repeat order from one of Canada's foremost pipeline companies, will go a long way to demonstrate our long term partnerships. The hard work over the years to foster these relationships is clearly paying off by the number of repeat orders. It is clear to me that our business will continue to grow as the acceptance of our engineering services continues to be well received within the industry. We look forward to many more projects such as this one."

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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