Augusta Industries Inc.
TSX VENTURE : AAO

May 20, 2015 09:00 ET

Augusta Enters Into Agreement With New York University

TORONTO, ONTARIO--(Marketwired - May 20, 2015) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to announce that its wholly owned subsidiary, FOX TEK Canada Inc. ("Fox Tek"), has entered into an agreement (the "Agreement") with the Office of Industrial Liaison at New York University ("NYU"), to explore the development of advanced fiber-optical strain sensors for use in the oil and gas and civil infrastructure sectors. The patented fiber-optic loop-sensor technology was originally developed by Dr. Nikhil Gupta, at NYU's Polytechnic School of Engineering.

The partnership with NYU is part of Fox Tek's continuing commitment to the development of advanced non-intrusive optical sensor technology. The goal of the Agreement and the relationship between NYU and Fox Tek is to further develop the technology with the goal of commercializing the technology. Fox Tek believes that the fiber-optic loop-sensor technology will have great advantages over the equivalent classical sensors currently used and should prove very successful in key applications.

"We look forward to the possibilities that this opportunity brings. With NYU's strong research capabilities combined with Fox Tek's strong understanding of its client base, we are very keen on the improvements this will bring to the industry - particularly in our space," commented Allen Lone, President and CEO of the Corporation.

"The oil and gas industry presents some of the most challenging conditions and the partnership with Fox Tek will allow us to test our sensor technology in real world applications and environments," said Dr. Gupta, Associate Professor at NYU and inventor of the sensor technology.

About the Corporation:

Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and 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