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Augusta Announces FOX-TEK Enters Into Contract With Equion Energia for the Sale of 2 EFM Systems and Enters Into Major South American Market(Marketwire (Canada) Via Acquire Media NewsEdge) TORONTO, ONTARIO--(Marketwired - July 14, 2014) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO), a developer and marketer of patented non-intrusive sensing systems, is pleased to announce that its wholly-owned subsidiary FOX TEK Canada Inc. ("Fox-Tek"), has entered into a contact with the highly respected oil and gas company Equion Energy Limited ("Equion") (www.equion-energia.com), for the sale of two (2) of Fox-Tek's Electric Field Mapping ("EFM") systems. Equion will commence using the EFM systems in its field operations located in Colombia, South America in order to validate the effectiveness of its existing mitigation programs at two separate key locations. The EFM systems will be used in the monitoring of potential internal wall loss on two separate locations. The two continuous systems will wirelessly send their data to Fox-Tek's Chicago based data vault where the data from both sites will be analyzed and presented to the client via a secure web portal. Over time, the data will be correlated with other data to understand better the integrity of the two monitored locations and, more importantly, to validate the existing mitigation program. The transaction with Equion came about due to the interaction between Equion's senior staff and Ing. Edgardo Romero, Fox-Tek's Director of Sales - South America. "The corporation has always believed that having a full-time engineer to cover the South American market would accelerate its sales cycle and offer better service to our clients," commented Allen Lone, the President and CEO of the Corporation. "The transaction with Equion came about because of the quick response of both our Director of Sales and Equion. We look forward to other projects such as this one, as the market is large in South America to monitor both wall loss in various pipes and vessels and pipeline bending. We also believe that our full-time engineer will help advance discussions we are having with other large organizations in the Columbia and other neighboring countries on a number of non-intrusive monitoring projects." About the Corporation: Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and FOX TEK Canada Inc. ("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. FOR FURTHER INFORMATION PLEASE CONTACT: Corporation contact: Allen Lone, President, CEO, Augusta Industries Inc. Tel: (905) 338 -2323 Ext 22, email: [email protected] Source: Augusta Industries Inc. |