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
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:
Allen Lone, President & C.E.O., Fiber Optic Systems Technology, Inc.
Tel: (905) 338 -2323 Ext 22, email: email@example.com