TORONTO, ONTARIO--(Marketwired - April 18, 2016) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to announce that, further to its press release of September 8, 2015, its wholly owned subsidiary FOX TEK Canada Inc. ("Fox Tek") has shipped 5 electric field mapping corrosion monitoring systems (the "EFM Systems") pursuant to the terms of the service contract (the "Contract").
As announced in its September 8, 2015 press release, Fox Tek entered into the Contract with an oil and gas exploration and production company with assets and operations in North America, Africa, Europe and South America. The Contract had an aggregate value of $528,000 over a 5 year term.
The Corporation would also like to announce that the terms of the contract have been amended. The EFM Systems are now being bought outright rather than a lease to own over a 5 year term. The client will still be required to pay the Corporation a recurring fee for the data gathered and analyzed from the EFM Systems.
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.