Toronto, Ontario--(Newsfile Corp. - July 14, 2017) - Augusta Industries Inc. (TSXV: AAO) (the "Corporation") announces that Allen Lone, the President and Chief Executive Officer of the Corporation as well as the majority shareholder of the Corporation, has filed a Form 45-102F1, a copy of which can be found under the Corporations profile on the SEDAR website (www.sedar.com). Mr. Lone currently owns, directly and indirectly, an aggregate of 95,754,264 common shares, 1,500,000 options in the capital of the Corporation.
The Form 45-102F1 sets out Mr. Lone's intention to sell 19 million common shares (the "Subject Shares") (or 7.41% of the issued and outstanding shares of the Corporation). The sale of the Subject Shares, which will be done off market, is solely for tax planning purposes as Mr. Lone is transferring the Subject Shares to a family trust established by him but which Mr. Lone will not have any direct or indirect control over. The Corporation has been advised that the family trust intends to hold the Subject Shares over the long term for capital appreciation purposes.
About the Corporation:
Through its wholly owned subsidiaries, Marcon International Inc. ("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 Bahrain National Gas Co, Bahrain Petroleum, Qatar Petroleum, Qatar Gas, & Qatar Petrochemical.
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: firstname.lastname@example.org
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.