TSX Venture Exchange symbol: FOX
TORONTO, Dec. 2 /CNW Telbec/ - Fiber Optic Systems Technology, Inc. ("FOX- TEK"), (TSX-V: FOX), a developer and manufacturer of patented non-intrusive sensing systems, today announced Q3 results from operations.
FOX-TEK reported year-to-date revenues of $754,000 compared to $615,000 in the same period of 2008. Operational costs were reduced by $1,348,000 from $4,057,000 to $2,709,000 during the same period. The net loss for Q3 2009 was $933,000 or $.02 per share, compared to a net loss of $897,000 or $.02 per share in the same quarter of 2008.
The Company is currently working with its investment bankers on various funding arrangements and plans to announce those arrangements prior to the end of the calendar year. At our current level of sales, FOX-TEK has sufficient funds to operate for the next 3 months after taking into account the UK Judgment that was press released on November 27, 2009.
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 leaks.
FOX-TEK has offices in Toronto, ON and Calgary, AB; 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.
SOURCE FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)
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; Investor Relations contact: Barry Mire, Renmark Financial Communications Inc., (514) 939-3989, email@example.com