TORONTO, ONTARIO--(Marketwired - Sept. 20, 2016) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) would like to provide an update with respect to its operations. Despite the record revenues for the six months ending June 30, 2016, as disclosed in the Corporation's press release of August 23, 2015, the Corporation continues to improve its operational efficiencies and explore various options in an effort to further reduce its operating expenses. In addition, the Corporation has been approached by various arm's length third parties expressing interest in purchasing certain assets. Management is currently exploring the possibility of vending certain assets to maximize shareholder value. The Corporation has had very preliminary discussions pertaining to the sale of certain assets and there can be no assurance that any agreement will be reached. The Corporation will continue to keep the market informed in respect of these various matters,
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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.