TORONTO, ONTARIO -- (Marketwire) -- 01/10/12 -- Augusta Industries Inc. ('Augusta' or the 'Corporation') (TSX VENTURE: AAO), through its wholly owned subsidiaries FOX-TEK Canada Inc. a developer and manufacturer of patented non-intrusive sensing systems, is pleased to announce that FOX-TEK Canada Inc. has been awarded a contract for eight (8) more Electric Field Mapping ('EFM') monitoring systems. The eight (8) systems were ordered by Enbridge Pipelines, one of North America's largest liquids pipeline companies, for corrosion monitoring at several locations of interest on some of its key pipeline assets. The eight (8) additional EFM systems ordered by Enbridge are in addition to the announcement of five (5) EFM systems ordered by Enbridge in November 2011 and adds to the Corporation's current fleet of systems utilized by Enbridge on its pipeline network.
'We are pleased that Enbridge Pipelines continues to utilize the Corporation's monitoring systems for its pipeline assets,' stated Allen Lone, the President of the Corporation. 'Enbridge has utilized the systems over the past several years and their continued use of the systems is a testament to the ability of the systems to provide the information necessary for Enbridge to maintain its assets.'
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.
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.
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.
Augusta Industries Inc.
President, CEO & CFO
(905) 338-2323 Ext 22