TORONTO, ONTARIO -- (Marketwire) -- 11/08/11 -- Augusta Industries Inc. ('Augusta' or the 'Corporation') (TSX VENTURE: AAO), a developer and manufacturer of patented non-intrusive sensing systems, is pleased to announce that its wholly owned subsidiary FOX TEK Canada Inc. has been awarded contracts for eight (8) Electric Field Mapping ('EFM') Corrosion monitoring systems. Of these eight (8) systems, five (5) 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 US pipeline assets. The five EFM systems ordered by Enbridge adds to the corporation's current fleet of systems utilized by Enbridge on its pipeline network.
The remaining three (3) EMF corrosion monitoring systems were sold to existing pipeline customers in Alberta.
'We are pleased that Enbridge pipelines continues to order the Corporation's monitoring systems', stated Allen Lone, the President of the Corporation. 'Enbridge has been using the Corporation's EFM corrosion monitoring system for a number of years and this is testament to FOX-TEK gaining a wide acceptance for its monitoring products can be shown by the number of repeat orders over the last years.
The Corporation will continue to work closely with its existing clients to ensure their needs are met in order to strengthen and preserve the relationship in addition to developing new relationships with new clients.
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