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

Posted by AGORACOM-Eric at 9:29 AM on Monday, October 16th, 2017
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  • 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]

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

Posted by AGORACOM-Eric 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.