Toronto, Ontario--(Newsfile Corp. - November 9, 2017) - Further to its press release of September 28, 2017, Augusta Industries Inc. (TSXV: AAO) (the "Company") would like to announce that the directors and officers of the Company, holding an aggregate of 83,454,264 common shares (the "Shares") in the capital of the Company, have entered into a lock-up agreement where they have agreed to vote the Shares in support of the spin-off of FOX-TEK Canada Inc.
"The Company continues to work with its advisors to ensure the success of the proposed spin-off of FOX-TEK and to ensure that it is done it a manner that is beneficial to its shareholders," said Allen Lone, President and Chief Executive Officer of the Company. "The Company is very appreciative of the achievements so far prior to the Annual shareholders general meeting, which will be announced in short order."
About the Corporation
Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and Fox-Tek Canada Inc. ("Fox-Tek"), the Company 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.
Fox-Tek provides world leading solutions to various sectors including the oil and gas industry. With non-intrusive technologies including fiber-optic sensors and electric field mapping systems, Fox-Tek is able to accurately measure changes that could negatively impact our client's operations.
Allen Lone, President and C.E.O.
Tel: 905.275.8111, Ext. 226
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 Company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.