Agoracom Blog Home

Posts Tagged ‘#Oil&Gas’

$AAO.ca Augusta Announces Results for the Third Quarter and Corporate Update $PHO.ca

Posted by AGORACOM at 9:17 AM on Thursday, November 30th, 2017

 

  • Revenue of $650,000 as compared to $1,479,000 during the three months ending September 30, 2016
  • Marcon group backlog sales as on the date of the MD&A is $1,988,000
  • Gross margins were 21% compared to 13% for the three months ending September 30, 2016

Toronto, Ontario–(Newsfile Corp. – November 30, 2017) – Augusta Industries Inc. (TSXV: AAO) (the “Corporation”) is pleased to announce that it has released its financial results for the nine months ending September 30, 2017.

For the three months ending September 30, 2017, the Corporation had revenues of $650,000 as compared to $1,479,000 during the three months ending September 30, 2016. Marcon group backlog sales as on the date of the MD&A is $1,988,000. Four of the backlog orders worth $1,723,000 have a long delivery lead time. The Corporation also expects to build on the two contracts signed in 2017 by FOX-TEK worth $1,039,000 over a three year period.

Total loss from operations for the three months ending September 30, 2017 was $160,000 or a net loss of $0.001 per share compared to a loss of $74,000 or $0.000 per share for the three months ending September 30, 2016. Gross margins for the three months ending September 30, 2017 was 21% compared to 13% for the three months ending September 30, 2016 due to the change in mix between Macron and FOX-TEK sales during the period . The operating expenses in the three months ending September 30, 2017 was slightly less at $251,000 compared to $255,000 for the same period in 2016. Stock based compensation during the three months ending September 30, 2017 was $47,000 while there were no such expenses during the three months ending September 30, 2016.

Marcon group sales in the three months ending September 30, 2017 was $564,000 compared to $1,394,000 in the three months ending September 30, 2016 – a decrease of $830,000. The sales in FOX-TEK for the three months ending September 30, 2017 were $86,000 close to $85,000 sales for the three months ending September 30, 2016.


 

The financial statements, notes to the financial statements and Management’s Discussion and Analysis for the nine months ending September 30, 2017 are available on SEDAR at www.sedar.com.

Corporate Update – Business Development

Please see section on Business Development (Page 5 ) in the MD&A for the nine months ended September 30, 2017 for details.

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.

Corporation contact:

Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275 -8111 Ext 226 email: [email protected]

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.

AUGUSTA INDUSTRIES $AAO.ca Normal Course Issuer Bid (NCIB) A Winning Move After Lock-Up Agreement $PHO.ca $DYA.ca $OPS.ca

Posted by AGORACOM at 12:57 PM on Wednesday, November 22nd, 2017

Following the November 9th announcement of a Lock-Up Agreement for 32% of the company’s shares, Augusta has surprised the market announcing a NCIB whereas up to 17,340,061 common shares representing up to 10% of the Company’s public float will be purchased through an Agent and subsequently cancelled. Once again AAO is demonstrating its commitment to create shareholder value through the process of reducing the available shares on the open market.

Allen Lone, President and CEO of Augusta stated:

“The Company believes that the purchase of the Shares will increase the proportionate interest of, and be advantageous to, all remaining security holders.”

Not only is this excellent news for existing shareholders, it could potentially lead a surge in price if recent examples of NCIB’s in the market are any indicator; especially considering the following are peers of AAO.v:

Spartan Energy (TSX SPE)

Announced NCIB buy back August 22nd when price was $5.11. It went as high as $7.37.                                         Spartan’s NCIB buy back was based on 5% of 175m outstanding or 8.7 million shares

 

 

Genworth MI Canada Inc  (TSX MIC)

Announced their NCIB buy back May 2nd when price was $34.45. Genworth went as high
as $44.81. Their NCIB buy back was based on 5% of 90.9m outstanding, equivalent to 4.59 million shares

 

 

Augusta Announces Normal Course Issuer Bid

Augusta Industries November 14th NCIB announcement for up to 17,340,061 common shares separates itself from its peers.  Not only is Augusta consuming for closure another 10% of the Company’s public float, it is sending a clear message to its current and prospective shareholders; the company is preparing itself for the market to take notice.  Augusta is removing more shares on a percentage basis at 10% than the 5% & 5% that  Spartan & Genworth each removed through their respective NCIB.

The AGM is December 29th

For more information about Augusta and the proposed Spin-Off, watch this interview with Allen Lone on AGORACOM.

AUGUSTA INDUSTRIES (AAO:TSXV) LOCK-UP AGREEMENT IS A WINNING STRATEGY $PHO.ca $DYA.ca $OPS.ca

Posted by AGORACOM at 9:20 PM on Thursday, November 9th, 2017

AUGUSTA INDUSTRIES (AAO:TSXV) LOCK-UP AGREEMENT IS A WINNING STRATEGY

On September 29, 2016, Major Shareholders and Directors of dynaCERT announced a Lock-Up of more than 55,000,000 shares for 180 days, representing ~ 23% of the Company’s shares.  The purpose of the Lock-Up was stated as follows:

“Given the significant progress that has been achieved in recent months, we felt a Voluntary Lock-Up Agreement would demonstrate to shareholders and potential investors the commitment and confidence that management, directors and certain major shareholders have in the future of dynaCERT.”

The Company proceeded to make significant progress and its stock achieved the following performance over the next 12 months.

 

 

Augusta Industries Announces Lock-Up Agreement

On November 9th, Augusta Industries announced a Lock-Up Agreement for Directors and Officers holding 83.4 Million shares, representing 32% of the Company’s outstanding share amount.  One major term of the Agreement is the agreement to vote the shares in support of the Augusta Spin-Off of Fox-Tek Canada Inc.

Allen Lone, President and CEO of Augusta stated:

“The company continues to work with its advisers to ensure the success of the proposed spinoff of Fox-Tek and to ensure that it is done it a manner that is beneficial to its shareholders”

In both scenarios, management and major shareholders agreed to act in unison for the long-term benefit of each respective company and its shareholders.  Though a Lock-Up on it’s own does not create the kind of share price appreciation experienced by dynaCERT, both the underlying fundamental strengths and the shareholder unison can’t be denied as harbingers of a bright future.

HIGHLIGHTS:

  • Augusta revenues for 2016 / $4.6M
  • Augusta market cap is ~ $10,000,000 as of November 9, 2017
  • The proposed Spin-Off of FOX-TEK is expected to return up to $25,000,000 of stock to existing shareholders of Augusta.
  • Though terms of the Spin-Off are yet to be finalized, the proposed $2.5:$1 benefit to shareholders is now one step closer with the announcement of the Lock-Up Agreement.

For more information about Augusta and the proposed Spin-Off, watch this interview with Allen Lone on AGORACOM.

 

Augusta $AAO.ca Provides Operational Update and Enters into Debt for Equity Conversion

Posted by AGORACOM at 9:29 AM on Monday, October 16th, 2017
https://s3.amazonaws.com/s3.agoracom.com/public/companies/logos/564614/hub/augustalarge.png
  • FOX-TEK Canada Inc. has been able to generate new applications for its existing technologies and services.
  • Advancing leak detection technology the Company believes can be disruptive in the market
  • Initiated technology exchange program, the Company acquires existing client technology and modifies to include Augusta’s technology

Toronto, Ontario – Augusta Industries Inc. (TSXV: AAO) (the “Company”) would like to provide an operational update from its Vice President, Operations, Thierry Cherpillod.

While 2017 has been a difficult year to date for the oil and gas industry, the Company’s wholly owned subsidiary, FOX-TEK Canada Inc. (“FOX-TEK”), has been able to generate new applications for its existing technologies and services. In addition to these new offerings, FOX-TEK has also been able to develop new relationships with oil and gas producers and enter into partnerships with third parties that will allow the Company to enter into new markets such as India, the United Kingdom, and the Caribbean region and to reach new clients in these countries. In discussions that the Company has had with new potential clients in these areas, the potential clients have expressed satisfaction that the partnership formed by the Company has given the potential clients a level of comfort as they will be dealing with the Company’s local partner.

FOX-TEK continues to work on the development of a leak detection technology which the Company believes can change the current landscape of leak detection. The goal of the Company is to develop a technology that will be low in cost, easy to install and will accurately detect leaks in existing pipelines. The new technology will also be able to detect volatile organic compounds which will provide it with an advantage that current offerings do not have.

FOX-TEK has also made great strides in identifying existing third party applications, such as micro-cracking detection, and monitoring of operationally critical injector ports, that can benefit from the Company’s current technologies. The Company’s researchers have identified existing client applications that require very specialized sensors and acquisition hardware and have been working towards integrating the Company’s technology with these applications. It is these additional services that the Company is able to provide that has helped the Company retain and acquire new clients.

Fox-Tex has recently commenced a technology exchange program whereby the Company will acquire its existing client’s technology and modify it to include the Company’s technology. This allows the Company’s clients to take its existing technology and have it enhanced with the Company’s more accurate and superior data analysis.

The Company would also like to announce that it has entered into a conversion agreement (the “Agreement”) with an arm’s length party. Pursuant to the terms of the Agreement, the party has agreed to the issuance of an aggregate of 180,800 common shares (the “Shares”) as compensation for certain services rendered to the Company in the amount of $9,040. The Shares are being issued at a deemed price of $0.05 per share.

The issuance of the Shares is subject to the approval of the TSX Venture Exchange.

About the Corporation

Through its wholly owned subsidiaries, Marcon International Inc. (“Marcon”) and 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.

Corporation contact:

Allen Lone, President and C.E.O.
Tel: 905.275.8111, Ext. 226,
email: [email protected]

Augusta Updates India Trip $AAO.ca

Posted by AGORACOM at 9:46 AM on Tuesday, October 3rd, 2017

https://s3.amazonaws.com/s3.agoracom.com/public/companies/logos/564614/hub/augustalarge.png

 

  • Meetings were with some of India’s large oil and gas companies, petrochemical and steel plants.
  • Companies that met with the Corporation requested that FOX-TEK submit multiple quotations
  • Corporation’s Indian representative Aditya International Co. integral to the development in India

Toronto, Ontario–(October 3, 2017) – Augusta Industries Inc. (TSXV: AAO) (the “Corporation”) is pleased to announce that its Vice President of Operations, Mr. Thierry Cherpillod, has returned from a two week trip to India where he held several meetings with the Corporation’s Indian representative Aditya International Co. (“Aditya”) and several other companies introduced to the Corporation by Aditya. While in India, a number of meetings had been pre-arranged by our representative. Some of these meetings were with some of India’s large oil and gas companies, petrochemical and steel plants.

The Corporation’s non-intrusive electric field mapping monitoring technology (EFM) and FOX-TEK Canada Inc.’s (“FOX_TEK”) novel leak detection technology were well received by all of the companies that met with Mr. Cherpillod. During the trip, the companies that met with the Corporation requested that FOX-TEK submit a quotation for its EFM monitoring system as well as technical and budgetary quotes for other projects including leak detection for fuel tanks, pipelines and water leak detection.

“We are very pleased with the outcome of the trip and the reception that our technology received,” stated Allen Lone, the President of the Corporation. “Aditya International has demonstrated that it is a reliable partner and has provided and facilitated for meetings with end users and customers throughout India with a keen interest to learn about our technologies, engineering and sales support.”

About Aditya International Co.

Aditya International Co (www.adityainternationalco.com/index.html) was established in 1999 with sole mission of providing research based maintenance and servicing solutions to the industry, Aditya International Co. Operates a number of divisions that are branded uniquely for the most prominent recognition by customers. Aditya Provides MRO solutions to meet the demanding maintenance requirements of the industry. The company’s professionally trained engineers are ready to serve proactively to solve all MRO problems.

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.

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; we are able to accurately measure changes that could negatively impact our client’s operations.

Corporation contact:

Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275 8111 Ext 226, email: [email protected]

Augusta $AAO.ca Subsidiary, Marcon Announces New contracts with an Aggregate Value of $694,295.00

Posted by AGORACOM at 9:30 AM on Monday, October 2nd, 2017

https://s3.amazonaws.com/s3.agoracom.com/public/companies/logos/564614/hub/augustalarge.png

  • Contracts awarded with various departments of the United States government
  • Aggregate value of the new contracts entered into in September is $694,295.00
  • Pipeline of orders, including these new contracts, is $1,899,630.00 as of September 30, 2017.

Toronto, Ontario–(Newsfile Corp. – October 2, 2017) – Augusta Industries Inc. (TSXV: AAO) (the “Corporation”) is pleased to announce that its wholly owned subsidiary, Marcon International Inc. (“Marcon”), has been awarded contracts with various departments of the United States government for the supply of instrumentation and equipment. The aggregate value of the new contracts entered into in September is $694,295.00. The current pipeline of orders, including these new contracts, is $1,899,630.00 as of September 30, 2017.

“The Corporation is pleased that it continues to enter into new agreements with various entities of the United States government,” stated Allen Lone, President of the Corporation. ” We are still focusing on adding more contracts to our Sales pipeline and continue to develop our relationship with our clients for future opportunities.”

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.

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; we are able to accurately measure changes that could negatively impact our client’s operations.

Augusta Industries Inc.
Allen Lone
President, CEO (905) 275-8111 Ext 226 [email protected]

$AAO.ca Augusta Industries Signs an NDA with Natural Resources Canada and a Term Loan Agreement with the Business Development Bank

Posted by AGORACOM at 3:04 PM on Monday, August 28th, 2017
Augusta Industries
  • (NDA) between Natural Resources Canada’s research laboratory and FOX TEK Canada Inc., a wholly owned subsidiary of Augusta Industries Inc
  • Allows for evaluation and exploration of confidential information relating to pipeline leak detection technology
  • Augusta subsidiary: Marcon International Inc. (“Marcon”), reached an agreement with the Business Development Bank and Signed a term loan for $250,000.00
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.

Corporation contact:

Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275 8111 Ext 226, email: [email protected]

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.