Augusta Industries Inc.

January 13, 2015 09:49 ET

Augusta Announces Sale of Two EFM Systems

TORONTO, ONTARIO--(Marketwired - Jan. 13, 2015) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO), a developer of patented non-intrusive sensing systems, is pleased to announce that its wholly-owned subsidiary FOX TEK Canada Inc. ("Fox-Tek") has received a contract to design, manufacture and install two (2) electric field mapping corrosion monitoring systems (an "EFM System") to monitor assets for one of Saudi Arabia's major oil and gas integrated producers.

The FOX-TEK's engineering team has worked closely with their counterparts in Saudi Arabia to ensure that the laboratory work completed at the client's research and development labs would lead to a successful field system. The client has recognized the Corporation's and Fox-Tek's capabilities in delivering customized solutions and the usefulness of the EFM Systems in the monitoring of its assets.

"The sale of the EFM Systems to the client would not have been possible without the combined effort of the engineering team at Fox-Tek and our Saudi Arabian partner's team at Zamil Commercial Division," said Allen Lone, President and CEO of the Corporation. "With the successful completion of these EFM Systems, the Corporation is anticipating a wider acceptance of its EFM technology throughout the Middle East."

It is anticipated that the EFM Systems will be commissioned by the end of the first quarter 2015.

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.

Contact Information

  • Corporation contact: Augusta Industries Inc.
    Allen Lone
    President, CEO
    (905) 338 -2323 Ext 22