TORONTO, ONTARIO--(Marketwired - Sept. 17, 2015) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO), a developer and marketer of patented non-intrusive sensing systems, is pleased to announce that, at the invitation of Stork Technical Services (RBG) Limited's ("Stork") integrity technology group, the Corporation attended 2015 SPE Offshore Europe Conference & Exhibition held in Aberdeen, Scotland from September 8 to 11. The Corporation was invited to attend the conference to assist Stork in providing technical support on the Corporation's EFM and FBG technologies and services at Stork's booth at the conference.
Stork currently manages 300 FSM units, which are current installed on oil and gas rigs in the North Sea, to monitor corrosion. The Corporation's technology and services are being considered to replace the current FSM units and for new installations to monitor corrosion. The Corporation's products and services generated interest among the conference attendees and other divisions within Stork.
The potential replacement of the current units deployed in the North Sea represents an opportunity for the Corporation to enter the European market and in particular, the oil and gas sector. In addition to the potential replacement of the current units, the Corporation has also proposed providing Stork's current clients with online data analysis for the existing FSM units in operation and other technologies that could be placed online.
"Stork is a very established company that has been well received throughout the industry," says Allen Lone, the President of the Corporation. "By leveraging Stork's position in the industry, the Corporation should be a position to penetrate this new market. The Corporation is of the opinion that there is a real need within the North Sea sector for its products and services. The Corporation looks forward to working with Stork in addressing these needs."
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.
Source: Marketwired (Canada)
(September 17, 2015 - 9:50 AM EDT)
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