Mr. Allen Lone reports
AUGUSTA ANNOUNCES FOX-TEK ENTERS INTO CONTRACT WITH EQUION ENERGIA FOR THE SALE OF 2 EFM SYSTEMS AND ENTERS INTO MAJOR SOUTH AMERICAN MARKET
Augusta Industries Inc.'s wholly owned subsidiary, Fox-Tek Canada Inc., has entered into a contract with the highly respected oil and gas company Equion Energy Ltd. for the sale of two of Fox-Tek's electric field mapping systems. Equion will commence using the EFM systems in its field operations located in Colombia, South America, in order to validate the effectiveness of its existing mitigation programs at two separate key locations.
The EFM systems will be used in the monitoring of potential internal wall loss on two separate locations. The two continuous systems will wirelessly send their data to Fox-Tek's Chicago-based data vault, where the data from both sites will be analyzed and presented to the client via a secure Web portal. Over time, the data will be correlated with other data to better understand the integrity of the two monitored locations and, more importantly, to validate the existing mitigation program.
The transaction with Equion came about due to the interaction between Equion's senior staff and Edgardo Romero, Ing, Fox-Tek's director of sales for South America.
"The corporation has always believed that having a full-time engineer to cover the South American market would accelerate its sales cycle and offer better service to our clients," commented Allen Lone, the president and chief executive officer of the corporation. "The transaction with Equion came about because of the quick responses of both our director of sales and Equion. We look forward to other projects such as this one, as the market is large in South America to monitor both wall loss in various pipes, and vessels and pipeline bending. We also believe that our full-time engineer will help advance discussions we are having with other large organizations in Colombia and other neighbouring countries on a number of non-intrusive monitoring projects."
We seek Safe Harbor.
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