TORONTO, ONTARIO--(Marketwired - Jan. 30, 2017) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO), would like to provide an update with respect to the April 16th 2016 Press release that its wholly owned subsidiary, FOX TEK Canada Inc. ("Fox Tek"), has completed the installation of 2 systems both in Alberta and the 3 remaining systems will be installed once the client has completed the site work. Our client is an Oil and Gas exploration and production company with assets and operations in North America, Africa, Europe and South America.
"The Contract with the client is a validation of the efforts of the Corporation in expanding its sales efforts to new clients," said Allen Lone, President of the Corporation. "The Corporation will build on this success as it continues to market its products and services to the various oil and gas companies in Alberta and throughout North America."
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 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.