TSX Venture Exchange symbol: FOX
TORONTO, June 25 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced the sale and installation of a
PinPoint system in a major Argentina oil refinery. The system will precisely
measure cumulative wall loss in a critical piping component as refinery
product moves through it at over 300(degrees)C. Early warning of excessive
damage to the piping enables the plant operators to plan for timely
maintenance and avoid upsets.
Mr. Sam Cauchi, Director of Sales for FOX-TEK said, "This is the first
sale of a PinPoint System that was made through one of our affiliated service
providers and represents another indicator of acceptance of our product by the
oil and gas industry." The key to receiving subsequent multi-system orders is
installing systems, with many different customers; so that we increase the
probability our systems will detect harmful corrosion activity. Once this
happens, our customers will very clearly see our value proposition.
Dr. Don Morison, Chief Technology Officer, added "This installation was
very difficult due to the remoteness of the refinery, but also exhibits one of
the great benefits of our technology; that being, the ability to continuously
monitor the corrosion activity in a refinery which is half a world away."
Fiber Optic Systems Technology, Inc. "FOX-TEK" develops and sells
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, monitor strain due to bending/buckling or soil
movement, check for leaks, and prevent unauthorized access.
FOX-TEK has offices in Toronto, ON; Calgary, AB. FOX-TEK is traded on the
TSX Venture Exchange under the symbol "FOX". For more information, visit
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: FOX-TEK Company contact: Sean Carr, President
and CFO, Fiber Optic Systems Technology, Inc., (416) 665-2288,
firstname.lastname@example.org; Renmark Financial Communications Inc., Barry Mire:
email@example.com, Jason Roy: firstname.lastname@example.org, (514)
939-3989, (416) 644-2020; www.renmarkfinancial.com