FOR: AUGUSTA INDUSTRIES INC.
TSX VENTURE SYMBOL: AAO
Date issue: April 07, 2017
Time in: 9:00 AM e
TORONTO, ONTARIO--(Marketwired - April 7, 2017) - Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) is pleased to announce that its wholly owned subsidiary, Fox-Tek Canada Inc. ("Fox-Tek"), has successfully completed the development of a new laboratory system based on the Corporation's electric field mapping ("EFM") technology. The new system was specifically developed for the use in research and/or testing applications. It is anticipated that the new system will be used in research labs to measure the change in mass of a sample affected by a corrosive solution.
The unit consists of two components with the first being the EFM acquisition unit and the second being a constant current source. By having two separate units, it allows the user to easily custom configure the system to allow the external current source to be sized for any given application.
The laboratory unit does not require any specialized power supply. A typical system will have the ability to work with sensor arrays of up to 64-pins and by adding additional analog multiplexer modules, it will have the capability to cover arrays up to 128-pins. For temperature compensation, the unit will have the capability to sense temperature from up to 5 RTDs. Control of the various control parameters will be entered by the end user via the newly developed, PC based software. This software will provide the end user with enough flexibility to set up the instrument to their exact requirements while remaining intuitive in use.
The Corporation intents is to deploy the new system for field work by outfitting the unit in a field ruggedized case which will allow FOX-TEK to deploy the unit to remote areas in all types of extreme conditions along with offshore platforms and/or refineries. The new portable system will be targeting clients that do not require continuous monitoring capabilities but are looking for reliable solutions to meet their requirements and their budgets.
"With both the new laboratory and the field ruggedized EFM units, the Corporation will be able serve two entirely new markets," stated Allen Lone, President of the Corporation. "The Corporation will continue to develop engineering and hardware solutions that will continue to meet, if not exceed, current industry requirements for continuous and/or periodic non-intrusive wall loss monitoring."
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 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.
- END RELEASE - 07/04/2017
For further information:
Augusta Industries Inc.
(905) 275-8111 Ext 226
FOR: AUGUSTA INDUSTRIES INC.
TSX VENTURE SYMBOL: AAO
INDUSTRY: Energy and Utilities - Alternative Energy, Energy and
Utilities - Oil and Gas , Energy and Utilities - Utilities, Energy
and Utilities - Pipelines
RELEASE ID: 20170407CC0013
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