Toronto, Ontario--(Newsfile Corp. - July 16, 2018) - Augusta Industries Inc. (TSXV: AAO) (the "Corporation"), a developer and marketer of patented non-intrusive sensing systems, would like to provide a general update.
Clean Growth Program
Further to its press release of March 5, 2018, the Corporation reports that the letter of intent that was submitted by its wholly owned subsidiary, Fox-Tek Canada Inc. ("Fox-Tek"), to the Green Growth Program was not chosen as one of the 100 proposals to proceed to the full project proposal stage.
The Clean Growth Program covers five areas focused on pressing environmental challenges and economic opportunities facing Canada's natural resource operations:
- Reducing greenhouse gas and air-polluting emissions.
- Minimizing landscape disturbances and improving waste management.
- The production and use of advanced materials and bio-products.
- Efficient energy use and productivity.
- Reducing water use and impacts on aquatic ecosystems.
The program received approximately 750 proposals and of these, only 400 proposals were selected for expert evaluation, of which Fox-Tek's proposal, which was focused on landscape disturbances and waste management in the energy sector, was one of those chosen. Of the 400 proposals, only 100 were invited to participate in the full project proposal stage. Due to the high number of quality submissions received by the Clean Growth Program, Fox-Tek's proposal was not on the 100 asked to proceed to the next stage.
Although the Fox-Tek proposal will not be participating in the full project proposal stage, it was identified, at the expert evaluation stage, as being a project having substantial merit. As such, the Clean Growth Program has notified Fox-Tek that it will be introducing the company's proposal to the Clean Growth Hub and other federal and/or provincial programs with the intention of securing government funding to proceed with its proposal.
The Clean Growth Hub is a "whole-of-government" focal point for the Government of Canada's clean technology ecosystem focused on supporting companies and projects.
The Corporation is pleased to announce that at its annual and special shareholders' meeting held on July 11, 2018, the shareholders approved the following matters:
- The appointment of Messieurs Allen Lone, Warren Goldberg, Tony Boogmans, Steve Ewaskiw and Jay Vieira as directors.
- The appointment of Wasserman Ramsay, Chartered Accountants, as auditors of the Corporation.
- The ratification of the Corporation's stock option plan.
- The proposed change of business of the Corporation from an 'industrial issuer' to an 'investment issuer'.
- The proposed change of the Corporation's name from its current form to "IntellaEquity Inc."
- The proposed sale of all of the issued and outstanding securities of Fox-Tek to Mooncor Oil & Gas Corp. pursuant to an amalgamation agreement dated June 11, 2018.
- The proposed consolidation of the Corporation's issued and outstanding common shares on an one (1) for up to twenty (20) basis.
- The proposed delisting of the Corporation's common shares from the TSX Venture Exchange and the listing of its shares for trading through the facilities of the Canadian Securities Exchange.
The Corporation would like to thank all of its shareholders that voted their shares in favor of the matters presented and the Corporation will provided updates on same as they become available.
Extension of Warrants
The Corporation will also like to announce that it has received TSX Venture Exchange approval and as of July 14, 2018, the expiry date of the 20,200,000 common share purchase warrants (the "Warrants") of the Corporation was extended from July 14, 2018 to July 14, 2020.
The Warrants, which were originally issued on July 14, 2015, were issued pursuant to the Corporation's private placement offering of 20,200,000 units. Each Unit was comprised of one (1) common shares and one (1) common share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to acquire one (1) common share at an exercise price of $0.07 per share at any time until close of business on July 14, 2018.
Each Warrant, as amended, will entitle the holder thereof to purchase one common share of the Corporation at any time until the close of business on July 14, 2020 at an exercise price of $0.07 per common share. All other provisions of the Warrants will remain the same.
About the Corporation:
Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon"), Paragon Blockchain Inc. ("Paragon") 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.
Paragon has the potential to unlock substantial new opportunities capable of impacting the business of Marcon. Specifically, Marcon seeks to create an eco-system in the supply chain management of clients to change the dynamics of the scoping and bidding process by providing vendors and subcontractors with A.I. data mining tools to proactively drive the process. Blockchain technology is of critical importance to Fox-Tek as well particularly the expansion of its' non-intrusive technology in the oil & gas industry, whose clients include many of the biggest companies in the world.
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 as 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.