Augusta Subsidiary FOX-TEK Receives First Order for its Leak Detection System
April 3, 2018 (Source) — Augusta Industries Inc. (TSXV: AAO) (the “Corporation”), a developer and marketer of patented non-intrusive sensing systems, is pleased to announce that its wholly owned subsidiary, FOX-TEK Canada Inc. (“FOX-TEK”), has received its first order for its novel leak detection system from an Alberta based engineering firm.
In its desire to increase its market share in the smart sensing technology sector, FOX-TEK has developed a novel leak detection system specifically designed for the oil and gas sector. In third party testing, this leak detection technology showed clear advantages over current available technologies. The leak detection system, which is able to sense a thin film of hydrocarbon contaminants on top of water, has been very well received by a number of the Corporation’s clients. The end-user, which is one of North America’s largest pipeline companies, decided to acquire the leak detection system based on its performance in the testing and the low cost of the technology as compared to other currently available technologies.
“The development and acceptance of the leak detection system is another milestone in FOX-TEK becoming a leader in the smart sensing technology field,” said Allen Lone, the President of the Corporation. “The Corporation is encouraged by the successful testing of the leak detection system and is encouraged by the initial order for this system. The Corporation will continue to develop new technologies to address the needs of our clients.”
The Corporation would also like to provide an update on the proposed spin-off of FOX-TEK. The Corporation has received several unsolicited offers from arm’s length third parties pertaining to the purchase of all of the issued and outstanding securities in the capital of FOX-TEK. As such, the Corporation has decided to suspend the proposed spin-off as that it may evaluate these offers. The Corporation continues to work with its financial and legal advisers to ascertain the best course of action for both the Corporation and its shareholders. The Corporation will continue to provide updates as they become available.
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.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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