Toronto, Ontario--(Newsfile Corp. - March 8, 2018) - Augusta Industries Inc. (TSXV: AAO) (the "Company") is pleased to announce that pursuant to its press release of January 25th, in which the Company announced the creation of a wholly owned subsidiary (Paragon Blockchain Inc.) to commence the process of implementing Blockchain technology, Paragon Blockchain has entered into a Memorandum Of Understanding with an Undisclosed Blockchain Company (The "UBC") to advise and develop a new set of blockchain applications for Augusta.
BLOCKCHAIN APPLICATIONS TO INCLUDE ARTIFICIAL INTELLIGENCE
The UBC is one of the worlds' first developers of a hybrid permission based blockchain protocol with big data capability. The UBC will act as technical advisor and initiate the process of developing a new set of blockchain applications that will integrate, amongst other things, artificial intelligence (A.I.) for the purpose of sorting critical procurement opportunities within US government agencies for Augusta's wholly owned subsidiary, Marcon International Inc. ("Marcon").
IMPLEMENTING BLOCKCHAIN IN MARCON
Blockchain technology has the potential to unlock substantial new opportunities capable of impacting the business of Marcon International. Specifically, Marcon seeks to create an eco-system (Paragon Blockchain) in the supply chain management of clients to change the dynamics of the scoping and bidding process by providing vendors and subcontractors with A.I. data mining tools to proactively drive the process. By doing so, Paragon Blockchain becomes a Value added Network, in which vendors and subcontractors provide offers on projects of immediate interest, as opposed to the current role of Marcon selecting projects of interest.
Users will be required to access Paragon Blockchain and make payments through the use of a digital currency or tokens.
IMPLEMENTING BLOCKCHAIN IN FOX-TEK
Blockchain technology is of critical importance to our wholly owned subsidiary, FOX-TEK Canada Inc. ("FOX-TEK"), continued expansion of its' non-intrusive technology in the oil & gas industry, whose clients include many of the biggest companies in the world. FOX-TEK believes a common system of record connecting data collected for events is of paramount importance to clients.
The Company will create a platform that will allow for the analysis of data that incorporates an auditing system built for regulatory and quality assurance oversight. The platform will implement a distributed blockchain ledger using smart contracts. These smart contracts provide customization of blockchain data.
Upon completion, the Company intends to invite other technology companies to participate and utilize its' blockchain. These companies will be involved in industries serving pipeline operations, integrity, maintenance and construction, as well as, Federal, Provincial and State regulators. By participating in the Company's Blockchain, these entities will have access to surveillance, auditing, integrity, transparent data in cases of breaches in corrosion or leaks or cracks.
FOX-TEK will naturally be the first service provider to participate. DMAT servers currently hosts DMAT client at 15 GB live running DMAT web server : 5GB live and DMAT raw data :15 GB.
Blockchain serves as the next technological revolution for storing and sharing distributed data from multiple input sources. This will provide the Company with the capability to transfer any digital data between multiple participants in a secure and auditable fashion.
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.
Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275-8111 Ext 226, email: [email protected]
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.
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.