TORONTO, ONTARIO--(Marketwired - Nov. 30, 2016) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to announce that FOX-TEK Canada Inc. ("FOX-TEK"), the Corporation's wholly owned subsidiary, has entered into an agreement with FBGS to develop advanced optical sensors. These sensors will not be based on the existing standard strain FBG sensors, that FOX-TEK currently uses, but rather the development of sensors that can detect anomalous changes in operating conditions where they are installed. For example, the detection of a certain chemical within its 'sniffing' range.
The partnership with FBGS will enable FOX-TEK to remain a competitive leader in the field of optical sensors. While optical strain sensors still have a large use throughout the industry, the same industry is demanding access to sensors that are able to perform more specific detection and/or measurements. This allows for quicker response to any unwanted changes and, in turn, allows the industry to quickly respond to potential threats to the integrity of their operations.
Allen Lone, President and CEO of the Corporation, commented: "This partnership is critical for us to maintain our competitive edge and to permit us to grow into new unexploited markets."
FOX-TEK fully expects the existing market demand for advanced, cost efficient sensors to continue to grow over the years. FOX-TEK will continue to bring these new technologies to both new and existing clients - which is exactly what the industry has come to expect from us.
About the Corporation
Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and 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 International (Oil & Gas, Refining and Petrochemica Plants.)
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.
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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.