Toronto, Ontario--(Newsfile Corp. - July 10, 2017) - Augusta Industries Inc. (TSXV: AAO) (the "Corporation"), a developer and marketer of patented non-intrusive sensing systems, is pleased to announce that its wholly-owned subsidiary, FOX-TEK Canada Inc. ("Fox-Tek"), has received service orders from one of its current clients, one of North America's largest pipeline companies. The service orders received are for the client's various assets in the USA and Canada. The Corporation will provide the client with the monitoring of its various assets along with engineering field services and data analysis. In addition, the Corporation has been tasked to survey 3 new corrosion sites to be monitored. The aggregate value of the sales orders is $1,039,524. Additionally, the client has executed a Mutual non-disclosure and a confidentiality agreement with the Corporation to further explore the Corporation's leak detection technology. It is hoped that the work being done between the client and the Corporation will eventually lead to field trials of the new leak detection technology.
"This is an example of the Corporation's history of being able to provide custom solutions to its clients, both domestically and internationally," commented Allen Lone, President and CEO of the Corporation. "These orders represent the largest service contracts the Corporation has signed since inception."
About the Corporation:
Through its wholly owned subsidiaries, 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.
Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275 8111 Ext 226, email: email@example.com
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.