Toronto, Ontario--(Newsfile Corp. - January 3, 2018) - Augusta Industries Inc. (TSXV: AAO) (the "Corporation") is pleased to announce that it Wholly Owned Subsidiary, Marcon International Inc. ("Marcon"), has entered into new agreements with various departments of the United States government for the supply of instrumentation and equipment. The aggregate value of the agreement entered into was $297,432.98. The current backlog of orders, including these new contracts, is $1,842,857.64 as of December 31, 2017.
"The Corporation is pleased to enter in these new contracts as it is a reflection of the continued efforts and hard work of the Corporation's sales staff," stated Allen Lone, President of the Corporation. "The Corporation's sales efforts continues to result in increased sales and the Corporation will continue to focus on entering into additional contracts and developing additional relationships and opportunities with its existing clients."
The Corporation also announces its shareholders' meeting scheduled for January 12, 2018 has been postponed as the Corporation continues to finalize the terms and the mechanism for the proposed spinout of its wholly owned subsidiary, Fox-Tek Canada Inc. ("Fox-Tek").
About the Corporation:
Through its wholly owned subsidiaries, 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.
Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275-8111 Ext 226, email: [email protected]
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Cautionary Note regarding Forward-looking Statements
This news release includes certain information and forward-looking statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.