TSX Venture Exchange symbol: FOX
TORONTO, Aug. 27 /CNW/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented non-intrusive sensing systems, are pleased to announce that a filing statement dated August 27, 2010, describing the proposed reverse takeover, by Marcon International Inc. ("Marcon") of FOX-TEK, ("the Acquisition"), is available on SEDAR.
Closing the Acquisition is subject to the previously announced terms and conditions of the share exchange agreement dated August 1, 2010 pursuant to which FOX-TEK will issue 91,814,668 common shares from treasury to Marcon's sole shareholder Knoxbridge Corp, in exchange for all of the Marcon outstanding shares representing approximately 65% of the issued and outstanding shares of FOX-TEK. Completion of the Acquisition is subject to a number of conditions, including the final approval of the TSX Venture Exchange and shareholder approval. FOX-TEK intends on seeking shareholder approval by way of written consent of shareholders holding at least 50% of the issued and outstanding shares. There can be no assurance that the Acquisition will be completed as proposed or at all.
Details of the Acquisition are available through FOX-TEK's news releases dated April 8, 2010, May 19, 2010, August 4, 2010 and August 13, 2010 and in the Filing Statement, available at www.sedar.com. Subject to the conditions of closing, FOX-TEK expects to complete the Acquisition no later than September 15, 2010.
About Marcon, FOX-TEK:
Marcon is a privately-owned, 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 leaks.
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.
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.
Investors are cautioned that, except as disclosed in the Filing statement currently posted on SEDAR and prepared in connection with the transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of FOX-TEK should be considered highly speculative.
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.
SOURCE FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)
For further information: For further information: FOX-TEK contact: Sean Carr, President & CFO, Fiber Optic Systems Technology, Inc., Tel: (416) 665-2288, email: firstname.lastname@example.org