Augusta Executes Memorandum of Understanding
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/28/15 -- Augusta Industries Inc. (the "Corporation") (TSX VENTURE: AAO) is pleased to announce that at the recent 4th Ontario - China Research and Development and Commercialization Collaboration Forum, held in Toronto, Fox-Tek Canada Inc., a wholly owned subsidiary of the Corporation, executed a memorandum of understanding ("MOU") with Shandong Fukesi-Taike Pipeline Engineering and Technology Ltd. and Laser Institute of Shandong Academy of Science. The signing ceremony for the MOU was attended by a number of officials from China and Ontario, notably the Honorable Deborah Matthews Deputy Premier, Government of Ontario, Mr. Sun Wei, Executive Vice Governor, Shandong Province and Mr. Xue Bin, Consul General, the Consulate General of China in Toronto.
The purpose of the MOU is to set out and identify the roles and responsibilities of each party as they relate to:
"We are pleased and excited with the execution of the MOU with our partners," said Allen Lone, the President and CEO of the Corporation. "The MOU is the first step towards the Corporation entering into a formal agreement with Shandong Fukesi-Taike Pipeline Engineering and Technology Ltd. and Laser Institute of Shandong Academy of Science which will allow the Corporation, working closely with its partners, to begin marketing and selling its products and services in China with a particular focus of Shandong Province. This is an exciting opportunity for the Corporation as it has the potential of opening one of the largest markets to the Corporation''s products."
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: 28.04.2015 - 09:01 Uhr
Sprache: Deutsch
News-ID 1354685
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