TORONTO, ONTARIO–(Marketwired – May 6, 2015) – Augusta Industries Inc. (the “Corporation”) (TSX VENTURE:AAO) is pleased to announce that, further to its press release of January 13, 2015, the Corporation, thru it wholly owned subsidiary, FOX TEK Canada Inc. (“Fox Tek”), has shipped two (2) electric field mapping corrosion monitoring systems (the “EFM Systems”) to monitor the assets for one of Saudi Arabia’s major oil and gas integrated producers. The shipment of the EFM Systems represents the Corporation’s first shipment for field applications for the client after several lab tests of the EFM Systems. The shipment of the EFM Systems is validation of the capabilities of the EFM Systems is delivering customized solutions in the monitoring of the client’s assets.
The Corporation would also like to announce that, further to its press release of November 18, 2014, Fox Tek has also shipped a large EFM System to monitor corrosion at a key asset for Enbridge Inc. The EFM System, consisting of a 200-pin sensor array, will be used in the monitoring of potential internal wall loss around the girth weld of a 30 inch pipe. This unique customized 200 pin sensor array EFM System is the second system of its kind supplied to Enbridge to monitor all or portions of a large girth weld.
In addition, the Corporation would also like to announce that, further to its press release of October 23, 2014, Fox Tek has successfully installed two (2) EFM Systems for Equion Energy Limited (“Equion”) (www.equion-energia.com). Equion will commence using the EFM Systems in its Colombian field operations in order to validate the effectiveness of its existing mitigation programs at two separate key locations.
“We look forward to the possibility of additional projects in South America and the South American market for monitoring of both wall loss in various pipes and vessels and pipeline bending.” commented Allen Lone, President and CEO of the Corporation.
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.
Corporation contact:
Augusta Industries Inc.
Allen Lone
President, CEO
(905) 338 -2323 Ext 22
atlone@fox-tek.com