Augusta Provides Corporate Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/11/15 -- Augusta Industries Inc. (the "Corporation") (TSX VENTURE: AAO) is pleased to announce that its efforts to reduce expenses and debt has resulted in the reduction of an aggregate of $845,355 in liabilities.
The Corporation converted an aggregate of $530,355 of debentures into an aggregate of 10,607,100 common shares at a conversion price of $0.05 per share. After the conversion of the debentures, there is an aggregate of $35,254 in debentures outstanding. In addition the Corporation was also able to pay down an aggregate of $315,000 on its bank issued line of credit.
"We are pleased with the recent reduction of the Corporation''s debt," said Allen Lone, the President and CEO of the Corporation. "The reduction of $845,355 in liabilities has enabled the Corporation to strengthen its balance sheet and position it to be able to capitalize on various opportunities that may present themselves in these economic times."
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.
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.
Contacts:
Augusta Industries Inc.
Allen Lone
President, CEO
(905) 338 -2323 Ext 22
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Datum: 11.02.2015 - 09:49 Uhr
Sprache: Deutsch
News-ID 1336622
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Kategorie:
Alternative Energy
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