TORONTO, ONTARIO--(Marketwired - Apr 25, 2017) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to announce that its wholly owned subsidiary, Fox-Tek Canada Inc. ("Fox-Tek"), has successfully delivered its new lab electric field mapping ("EFM") technology to a nuclear facility in the United Kingdom. The Corporation previously announced in its press release dated January 17th, 2017 that it was awarded a contract to develop a laboratory version of its EFM technology to be used in a nuclear facility.
The new EFM Lab System is specifically designed for use in a research/experimental environment where a need for accurate material changes is required. Unlike Fox-Tek's standard EFM units that are fully autonomous, these new 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.
"The new EFM units represents an exciting new opportunity for the Corporation as it will open new markets and create more opportunities for the Corporation's products and technology," stated Allen Lone, President of the Corporation. "The Corporation will continue to develop and engineer solutions to meet and exceed current industry requirements for continuous and/or periodic non-intrusive wall loss monitoring."
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.