Toronto, Ontario--(Newsfile Corp. - July 21, 2017) - Augusta Industries Inc. (TSXV: AAO) (the "Corporation") is pleased to announce that its wholly owned subsidiary,"), FOX-TEK Canada Inc. ("FOX-TEK"), has entered into a non-disclosure agreement ("NDA") with Toronto-based FIBOS. The NDA will permit FOX-TEK and FIBOS to explore the possibility of mutually developing advanced high precision optical strain acquisition systems.
"FIBOS' current components complements FOX-TEK's existing FBG technology and unlike many other similar technologies, FIBOS brings a very high resolution, high frequency instrument that will enable FOX-TEK to consider new business applications," stated Allen Lone, President and C.E.O. of the Corporation. "These applications would be in advanced research and development, including aviation, aerospace and research facilities. The combination of FOX-TEK's 15 years of experience and the advanced optical instrument that FIBOS has developed, will permit the company to move forward into new applications that had not been considered beforehand."
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 Sabic Services, BNGC, BAPETCO, Qatar Petroleum, QGas & 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: 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.