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TORONTO, ONTARIO--(Marketwired - Mar 23, 2016) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to announce that its wholly owned subsidiary, Fox-Tek Canada Inc. ("Fox-Tek"), has entered into a partnership with AdvanceTech Controls PVT Ltd. ("AdvanceTech") of India.
The partnership came about after Fox-Tek was approached by one of India's leading State oil and gas companies to supply it with several of the Corporation's non-intrusive electric field mapping systems to monitor changes in wall thickness in elbow pipe sections. After Fox-Tek passed pre-qualification, the Indian company issued a public tender.
The Corporation determined that it was in the best interest to partner with a suitable local partner for the purpose of submitting it's tender. After reviewing and investigating various companies, it was decided that AdvanceTech was the most suitable partner for Fox-Tek and AdvanceTech will assist Fox-Tek with:
"The Corporation and Fox-Tek continues to seek out new opportunities in other parts of the world," stated Allen Lone, President and CEO of the Corporation. "This opportunity in India came about from the continuous hard work of the Corporation and we are excited about the possibilities that lie ahead in the Indian market. Having AdvanceTech, with its extensive history and experience, as a partner will greatly assist the Corporation with its aggressive growth plans in the region."
AdvanceTech has more than 20 years of experience in India with the oil and gas sector and industrial automation. The company is also involved in India's aerospace industry and research and institutional segment.
About the Corporation:
Through its wholly owned subsidiaries, Marcon International Inc. 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.
Augusta Industries Inc.
(905) 275-8111 Ext 226