Toronto, Ontario--(Newsfile Corp. - October 1, 2018) - Augusta Industries Inc. (the "Corporation") announces that it has requested that its common shares be voluntarily delisted from the TSX Venture Exchange ("TSX"). The common shares are expected to be delisted on or about October 3, 2018.
The board of the directors of the Corporation determined that it was in the best interests of the Corporation and its shareholders to voluntary delist its common shares from the TSXV and file a listing application with the Canadian Securities Commission (the "CSE"). The Corporation has received conditional approval from the CSE for the listing of its common shares. Management is of the view that listing the common shares on the CSE will provide the Corporation continued liquidity for its shareholders and will allow the Corporation to conserve cash due to the CSE's lower operating costs.
At its annual and special meeting of shareholders held on July 11, 2018, the majority of the minority shareholders approved the delisting of the Corporation's common shares and the filing of a listing application with the CSE.
About the Corporation:
Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon"), Paragon Blockchain Inc. ("Paragon") and Fox-Tex 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 while Fox Tek develops non-intrusive asset health monitoring sensor systems for the O&G 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.
Paragon seeks to create an eco-system 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. Blockchain technology is of critical importance to Fox-Tek as well particularly the expansion of its' non-intrusive technology.
Corporation contact:
Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275-8111 Ext 226, email:
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.
