Augusta Industries Inc.
TSX VENTURE : AAO

April 21, 2016 13:20 ET

Augusta Provides Update

TORONTO, ONTARIO--(Marketwired - April 21, 2016) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to provide an update with respect to the non-disclosure agreement (the "Agreement") entered into between the Corporation and Mitsubishi Heavy Industries America Inc. ("Mitsubishi") an affiliate company of Mitsubishi Heavy Industries Ltd based in Japan. As disclosed in its press release of July 16, 2015, the Corporation and Mitsubishi entered into the Agreement in an attempt to better understand how the Corporation and Mitsubishi can work together to support the efforts of Mitsubishi.

Subsequent to the execution of the Agreement, the Corporation and Mitsubishi have identified a specific application for the use of the Corporation's technology. The Corporation and Mitsubishi will commence on the development of a monitoring system to be deployed and used by Mitsubishi in their exclusive markets.

"We are excited to be working with Mitsubishi in the development of monitoring systems specific to their requirements," said Allen Lone, the Corporation's President and CEO. "Our relationship with Mitsubishi is evidence and positive proof that the Corporation's technology continues to be accepted throughout the world."

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.

Contact Information

  • Augusta Industries Inc.
    Allen Lone
    President, CEO
    (905) 275 -8111 Ext 226
    atlone@fox-tek.com