Augusta Industries Inc.

October 27, 2011 16:30 ET

Augusta Industries Inc. Announces Name Change

TORONTO, ONTARIO--(Marketwire - Oct. 27, 2011) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) (formerly Fiber Optic Systems Technology, Inc.) is pleased to announce that as of the opening of trading on October 31, 2011, the Corporation will commence trading on the TSX Venture under the name "Augusta Industries Inc." under the symbol "AAO".

The name change was approved by the Corporation's shareholders at the annual and special meeting of shareholders held on August 18, 2011.

"The new name is reflective of the new direction and focus of the company", says Mr. Allen Lone, the President of the Corporation. "With the acquisition of Marcon International in 2010, the company is focused on providing its clients with a variety of product and services and the new name better reflects this."

About the Corporation:

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

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

Contact Information

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