TSX Venture Exchange symbol: FOX
TORONTO, Feb. 16 /CNW/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK"
or the "Corporation"), a developer and manufacturer of patented
non-intrusive sensing systems, is pleased to announce that pursuant to
its letter of intent (the "LOI") with Zamil Group Holding Company
("Zamil"), the Corporation has received a purchase order from Zamil for
20 Pinpoint systems for an aggregate purchase price of $1.5 million.
For more information on the LOI, please refer to the Corporation's
press release dated January 25, 2011.
Delivery of the 20 Pinpoint systems is expected to be completed by the 3rd quarter. Zamil, with the assistance of the Corporation, began the
process of obtaining the EDC Financing.
Mr. Allen Lone, President of the Corporation, stated "We are excited
about receiving the purchase order from Zamil and working with them in
the Middle East. This reinforces the Corporation's view of the Middle
East market as essential to the continued success of the Corporation.
This is only the first step in expanding our presence and opportunities
in the Middle East."
About Zamil Group Holding Company
Zamil is a global holding company with diverse interests and
capabilities. It provides innovative, high quality and price
competitive products and services as well as investment opportunities
for investors, partners and stakeholders in the industrial,
petrochemicals and services sectors.
Zamil's range of products and services is expansive and spans
air-conditioning manufacturing to architectural glass processing,
plastics to steel fabrication and paints and cranes to heavy process
equipment. It is also engaged in shipbuilding and repair, port
operations and maintenance, petrochemicals and chemicals, industrial
investment and general construction.
About Marcon, FOX-TEK:
Marcon 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, FOX-TEK have offices in Oakville, ON; Toronto, ON and Alberta;
FOX-TEK is 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 & CEO, Fiber Optic Systems Technology, Inc.
Tel: (905) 338 -2323 Ext 22, email: firstname.lastname@example.org