TORONTO, ONTARIO–(Marketwired – July 9, 2015) – Augusta Industries Inc. (the “Corporation”) (TSX VENTURE:AAO), 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 just concluded its sales and marketing trip to the Middle East. Mr. Cherpillod, Vice President of Operations, spent a month in various parts of the Middle East including, Saudi Arabia, Oman, and the UAE, building strategic partnerships and relationships with large multinational corporations identified as having a need for the Corporation’s sensing systems.
While in Saudi Arabia, two field trial systems were installed and fully commissioned on assets for Saudi Arabia’s major oil and gas integrated producer. As this is the first field system for that country, both of these systems are continuous and sending their data back to Fox-Tek’s data servers in Ontario. The client has access to the data through a secure web portal where the information is presented in a visually intuitive fashion. The field testing will be completed by the 4th quarter of this year. With the anticipated success of the two field trials, the Corporation believes that its systems and technology will be accepted throughout Saudi Arabia and the Middle East.
In the Sultanate of Oman, the Corporation has been working very closely with one of the country’s major oil and gas companies for many years. This has led to a decision by the company to initiate a complete field trial program to be started later this year. This will consist of approximately three systems used in actual field conditions and to monitor a number of the company’s assets. While in Oman, a number of meetings and presentations were held to find an appropriate local partner. As a result of these meetings, the Corporation entered into a non-disclosure agreement with Oman National Oil Services Company LLC (“ONOSCO”) of Muscat Oman whereby ONOSCO will supply local services including: installation and long term maintenance. ONOSCO will also take an active part in developing new business opportunities with other local oil and gas companies.
In the UAE, Mr. Cherpillod participated in a full technical review of the Corporation’s technologies and services with one of the region’s largest oil and gas service providers. Prior to the visit, a full technical and commercial proposal had been presented and well received. Fox-Tek will be registering with this company as a provider of advanced non-intrusive technologies on existing applications.
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.
Augusta Industries Inc.
Allen Lone
President, CEO
(905) 338-2323 Ext 22
atlone@fox-tek.com