January 17, 2017 - 9:25 AM EST
Print Email Article Font Down Font Up Charts

Augusta Receives Contract to Develop New Application of its EFM Technology

TORONTO, ONTARIO--(Marketwired - Jan. 17, 2017) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to announce that Fox-Tek Canada Inc. ("Fox-Tek"), the Corporation's wholly owned subsidiary, has received a contract to develop a laboratory version of its electric field mapping ("EFM") technology to be used in a nuclear facility. Upon successful completion of this project, the client has indicated that there is a possibility of ordering more units to replace existing equipment.

The new EFM equipment is specifically designed for the use in research/experimental environment where a need for accurate material changes is required. Unlike Fox-Tek's standard EFM units that are fully autonomous, these units will require a user to take readings. As such, a computer interface tool is being developed to ensure that the user is able to quickly configure the system for a particular application. Fox-Tek will continue to make its DMAT tools suite available to client's that might require more help to analyze their data.

This new development will help to open new potential markets, including universities, industrial research groups and testing labs that are looking for novel techniques to measure changes in materials due to corrosion/erosion.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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) 275 -8111 Ext 226
[email protected]

Source: Marketwired (January 17, 2017 - 9:25 AM EST)

News by QuoteMedia

Legal Notice