TORONTO, ONTARIO--(Marketwire - July 24, 2012) - Augusta Industries Inc. (TSX VENTURE:AAO) ("Augusta" or the "Corporation"), through its wholly owned subsidiaries FOX-TEK Canada Inc. a developer and manufacturer of patented non-intrusive sensing systems and Marcon International Inc. ("Marcon"), would like to announce that its current sales pipeline of purchase orders received and not yet shipped is approximately $1 million as of July 16, 2012.
Of this amount, the sale of the Corporation's EFM systems accounted for approximately $300,000. The EFM systems have been ordered by a number of companies including Syncrude Canada Ltd. and two major Canadian upstream oil and gas companies as well as Saudi Arabia's largest oil producer through the Corporation's agent Zamil Group. The remaining $700,000 comes from orders at Marcon to Sabic, Qatar Petroleum and to various government agencies of the United States such as the Departments of Defence, Interior, Commerce and Agriculture.
About Syncrude Canada Ltd.
Syncrude Canada Ltd. is one of the largest producers of crude oil from oil sands. Syncrude's crude oil production facility has the capacity to produce over 15% of Canada's total oil requirements. This is done through surface mine oil sand, extracting the raw oil known as bitumen from the sand using water-based processes, and upgrade that bitumen into sweet light crude oil by fluid coking, hydroprocessing, hydrotreating and reblending. The final product, Syncrude Crude Oil, is sent by pipeline to three Edmonton area refineries and to pipeline terminals which ship it to refineries in Canada and the United States.
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.