Fox-Tek Announces Year End Results

TSX Venture Exchange symbol: FOX

TORONTO, May 3 /CNW/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK" or the "Corporation"), a developer and manufacturer of patented non-intrusive sensing systems, today announced financial and operating results for the year ended December 31, 2010. The annual statements have been filed on SEDAR (www.sedar.com). All amounts are expressed in Canadian dollars unless otherwise noted.

The financial statements for the year ended December 31, 2010 are the first audited statements for the Corporation subsequent to the acquisition of Marcon International Inc. ("Marcon") in September, 2010 (the "Acquisition Date"). In compliance with generally accepted accounting principles, the reverse takeover of the Corporation by Marcon constitutes a business combination and Marcon has been identified as the acquirer. Therefore, the audited financial statements for the Corporation are for the period from April 28, 2010, the incorporation date for Marcon and December 31, 2010.

During this period revenue totaled $1,681,000, operating expenses were $476,000 and loss from operations was $58,000.

"2010 was a pivotal year for the Corporation as it completed its acquisition of Marcon" said Allen Lone, the President and interim Chief Financial Officer of the Corporation, "and the continued efforts of the Corporation to combine and streamline the operations of the Corporation and Marcon are beginning to pay dividends as evidenced in the significant reduction in the loss from operations."

About Marcon International Inc. and FOX-TEK:

Marcon International Inc. ("Marcon"), a wholly owned subsidiary of the Corporation, is an Ontario based, 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. FOX-TEK's FT fiber optic sensor and PinPoint systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.

Marcon and FOX-TEK have offices in Oakville, ON; Toronto, ON and Alberta. The common shares of FOX-TEK are traded on the TSX Venture Exchange under the symbol "FOX". For more information, visit www.fox-tek.com.

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 FOX-TEK's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. FOX-TEK has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

SOURCE FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)

For further information:

FOX-TEK contact:
Allen Lone, President & C.E.O., Fiber Optic Systems Technology, Inc.
Tel: (905) 338 -2323 Ext 22, email: atlone@fox-tek.com

Profil de l'entreprise

FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)

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