TORONTO, ONTARIO--(Marketwired - Jan. 30, 2014) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO), through its wholly owned subsidiary FOX-TEK Canada Inc., is pleased to announce that it continues to have success with its various non-intrusive monitoring systems with upwards of 80 systems installed throughout the world. One of the reasons for this success has been the evolution of the Corporation from strictly a hardware manufacturer to more of an engineering focused group with custom turnkey solutions.
The core technology for the Corporation's products continues to be based on the same basic principles. Through working and consulting with its clients, the Corporation came to realize that the majority of its clients require the Corporation's products to have a high degree of flexibility and customization in order to meet their expectations. To exemplify this approach, the Corporation developed novel sensor array mounting techniques for a number of its clients. This provides the Corporation with greater flexibility in mounting non-welded arrays on curved sections of pipe.
On the engineering front, both of the Corporation's Electric Field Mapping ("EMF") and Fiber Bragg Grating ("FBG") technologies continue to enjoy success. The Corporation has made progress in developing its new generation of EFM systems. By going to a modular design, the basic system has become much easier to configure for small and large sensors arrays. The acquisition hardware has been upgraded to use higher resolution electrics with an increase in measured resolution of 6-10 times than what has been previously attained. This allows the Corporation to accurately track changes in smaller pits but, more importantly, react faster to changing rates of corrosion. Real-time validation of a chemical program is quite conceivable. The Corporation has also gone to a discrete current source instead of using batteries as was previously used. This makes for a more reliable system for long term remote applications.
The Corporation is of the belief that the modular approach will lend itself to be able to supply custom solutions for applications which its previous systems might of not of been the best solution. Being able to do very small sensor arrays (for example, to measure 1-2 pits) or very large arrays will ensure that the Corporation will continue to be able to help its clients on a project to project basis.
The development of the modular approach to system building has also enabled the Corporation to offer its clients a portable version of its EFM system. While the sensor array will remain permanently attached to the pipe or vessel, the acquisition equipment will be portable.
With the increasing number of client web portals, the Corporation continues to make DMAT a powerful and useful tool. The addition of custom portal configurations is now more of the norm than ever. Last year a number of elements were either added or changed to increase the reliability of the DMAT computing engine. This has resulted in a more enhanced web experience for the clients.
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.