TORONTO, ONTARIO--(Marketwired - Nov. 17, 2016) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to announce that its wholly owned subsidiary, Marcon International Inc. ("Marcon"), has received a Letter of Intent from A Government Contractor in Bangladesh for Marine Equipment in addition to a 3 year supply of parts to the Port Authorities. The Contract's estimated value is approximately $1.5 Million.
"The Corporation has continued its efforts to expand its global reach and secure new contracts internationally," stated Allen Lone, President of the Corporation. "We will keep our shareholders updated on the status of the contract once signed. The total contract value, delivery period, and payment terms will only be guaranteed and confirmed once the contract has been signed by both parties."
About the Corporation:
Through its wholly owned subsidiaries, 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.