Toronto, Ontario--(Newsfile Corp. - August 28, 2017) - Augusta Industries Inc. (TSXV: AAO) is pleased to announce that a two-way non-disclosure agreement (NDA) was signed between Natural Resources Canada's CanmetMATERIALS research laboratory and FOX TEK Canada Inc., a wholly owned subsidiary of Augusta Industries Inc.
The NDA will permit FOX-TEK and CanmetMATERIALS to evaluate and explore confidential information relating to pipeline leak detection technology in order take the next step towards formalizing a collaborative working relationship between the parties.
CanmetMATERIALS conducts applied research, and develops and deploys technologies, to improve all aspects of producing and using value-added products from minerals and metals in collaboration with industry. Natural Resources Canada is the federal government department that seeks to enhance the responsible development and use of Canada's natural resources and the competitiveness of Canada's natural resources products.
We have confidence that this is a great stepping stone towards further collaboration between the Corporation and Natural Resources (" Canada") stated Allen Lone, President of the Corporation.
Augusta Industries Inc is also pleased to announce that its wholly owned subsidiary, Marcon International Inc. ("Marcon") has reached an agreement with the Business Development Bank ("Canada") ("BDC") and Signed a term loan for $250,000.00 The Loan is to fund future orders and contracts. The Loan is guaranteed by the company's assets and Allen Lone personally. BDC is a Crown corporation and operates at arm's length from the sole shareholder, the Government of Canada.
We are pleased with the BDC facility offered and its confidence in Marcon. This will allow the company to finance current and future contracts stated Allen Lone, President of the Corporation.
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 Sabic Services, BNGC, BAPETCO, Qatar Petroleum, QGas & Qatar Petrochemical.
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.
Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275 8111 Ext 226, email: email@example.com
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.