TSX Venture Exchange symbol: FOX
TORONTO, March 21 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer of patented non-intrusive sensing
systems, today announced that ConocoPhillips Canada has purchased FOX-TEK's
highly accurate PinPoint EFM system to continuously monitor internal corrosion
on a sour gas pipeline in a producing gas field located in Northern Alberta.
The PinPoint system features a removable sleeve that is secured around the
pipeline to measure the size, shape and rate of corrosion for pipe wall
defects located under the sensor array. Solar-powered electronics enable
measurement and transmission of results automatically via cellular connection,
allowing for a rapid reporting cycle.
Mr. Allan Hobbins of ConocoPhillips said, "While we have a corrosion
prevention and mitigation program already in place, the installation of the
PinPoint FOX-TEK system allows us to remotely monitor pipeline wall thickness
and detect corrosion in order to take immediate action to prevent minor
problems from escalating. When installed later this Spring, the monitoring
technique will assist us in validating the effectiveness of our current
corrosion mitigation program and potentially optimize operating costs."
Dr. Essam Zaghloul, FOX-TEK's president and CEO commented, "The
installation of our PinPoint FOX-TEK system allows us to demonstrate the
precise measurement capabilities of our system and its cost benefits over
traditional methods." Dr. Zaghloul added, "Our EFM pitting monitoring system
sidesteps some of the challenges of using ultrasound and provides an
additional toolset to the industry for the monitoring of critical areas."
About Fiber Optic Systems Technology
Fiber Optic Systems Technology, Inc. "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
FOX-TEK has offices in Toronto, ON, Calgary, AB, and Houston, TX. FOX-TEK
is traded on the TSX Venture Exchange under the symbol "FOX". For more
information, visit www.fox-tek.com.
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: Dr. Essam Zaghloul,
president and CEO, Fiber Optic Systems Technology, Inc., (416) 665-2288,
firstname.lastname@example.org; FOX-TEK has offices in Toronto, Calgary and Houston.
For more information, visit www.fox-tek.com; Investor Relations contact:
Renmark Financial Communications Inc.: Barry Mire: email@example.com;
Christine Stewart: firstname.lastname@example.org, (514) 939-3989, Fax: (514)
939-3717, www.renmarkfinancial.com; Media contact: Caroline Venza, Public
Relations, Antenna Group for FOX-TEK, (415) 977-1939,