Toronto, Ontario--(Newsfile Corp. - October 16, 2017) - Augusta Industries Inc. (TSXV: AAO) (the "Company") would like to provide an operational update from its Vice President, Operations, Thierry Cherpillod.
While 2017 has been a difficult year to date for the oil and gas industry, the Company's wholly owned subsidiary, FOX-TEK Canada Inc. ("FOX-TEK"), has been able to generate new applications for its existing technologies and services. In addition to these new offerings, FOX-TEK has also been able to develop new relationships with oil and gas producers and enter into partnerships with third parties that will allow the Company to enter into new markets such as India, the United Kingdom, and the Caribbean region and to reach new clients in these countries. In discussions that he Company has had with new potential clients in these areas, the potential clients have expressed satisfaction that the partnership formed by the Company has given the potential clients a level of comfort as they will be dealing with the Company's local partner.
FOX-TEK continues to work on the development of a leak detection technology which the Company believes can change the current landscape of leak detection. The goal of the Company is to develop a technology that will be low in cost, easy to install and will accurately detect leaks in existing pipelines. The new technology will also be able to detect volatile organic compounds which will provide it with an advantage that current offerings do not have.
FOX-TEK has also made great strides in identifying existing third party applications, such as micro-cracking detection, and monitoring of operationally critical injector ports, that can benefit from the Company's current technologies. The Company's researchers have identified existing client applications that require very specialized sensors and acquisition hardware and have been working towards integrating the Company's technology with these applications. It is these additional services that the Company is able to provide that has helped the Company retain and acquire new clients.
Fox-Tex has recently commenced a technology exchange program whereby the Company will acquire its existing client's technology and modify it to include the Company's technology. This allows the Company's clients to take its existing technology and have it enhanced with the Company's more accurate and superior data analysis.
The Company would also like to announce that it has entered into a conversion agreement (the "Agreement") with an arm's length party. Pursuant to the terms of the Agreement, the party has agreed to the issuance of an aggregate of 180,800 common shares (the "Shares") as compensation for certain services rendered to the Company in the amount of $9,040. The Shares are being issued at a deemed price of $0.05 per share.
The issuance of the Shares is subject to the approval of the TSX Venture Exchange.
About the Corporation
Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and FOX-TEK, the Company 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.
FOX-TEK provides world leading solutions to various sectors including the oil and gas industry. With non-intrusive technologies including fiber-optic sensors and electric field mapping systems, FOX-TEK is able to accurately measure changes that could negatively impact our client's operations.
Allen Lone, President and C.E.O.
Tel: 905.275.8111, Ext. 226,
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 Company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.