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

Posted by Er 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: atlone@fox-tek.com

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 Er 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.

$AAO.ca Augusta Directors and Officers Sign a Lock-up Agreement for FOX-TEK spin-off

Posted by Er at 12:17 PM on Thursday, November 9th, 2017

 

  • Directors and Officers of the Company have agreed to vote their Shares in support of the spin-off of FOX-TEK
  • Combined they control an aggregate of 83,454,264 common shares
  • Augusta committed to shareholders receiving benefits of spin-off

Toronto, Ontario–(Newsfile Corp. – November 9, 2017) – Further to its press release of September 28, 2017, Augusta Industries Inc. (TSXV: AAO) (the “Company”) would like to announce that the directors and officers of the Company, holding an aggregate of 83,454,264 common shares (the “Shares”) in the capital of the Company, have entered into a lock-up agreement where they have agreed to vote the Shares in support of the spin-off of FOX-TEK Canada Inc.

“The Company continues to work with its advisors to ensure the success of the proposed spin-off of FOX-TEK and to ensure that it is done it a manner that is beneficial to its shareholders,” said Allen Lone, President and Chief Executive Officer of the Company. “The Company is very appreciative of the achievements so far prior to the Annual shareholders general meeting, which will be announced in short order.”

About the Corporation

Through its wholly owned subsidiaries, Marcon International Inc. (“Marcon”) and Fox-Tek Canada Inc. (“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: atlone@fox-tek.com

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.