TSX Venture Exchange symbol: FOX
TORONTO, March 6 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK" or the "Company"), (TSX-V: FOX), announces the completion of its
over-subscribed non-brokered private placement (the "Offering") on March 5,
2008. The Offering resulted in gross proceeds to the Company of $3,124,200 on
the issuance of 10,414,000 units at a price of $0.30 per unit. Each unit
consists of one common share and one-half of one warrant. Each whole warrant
entitles the holder to acquire one common share of the Company at any time
within twenty-four (24) months from the closing date of the private placement
at a price of $0.50 per common share.
Finders' fees were paid by the issuance of 999,744 units with the same
terms and conditions as the units sold in the Offering and the issuance of
1,249,680 finders' warrants. Each finders' warrant has an exercise price of
$0.30 and entitles the holder to receive one unit with the same terms and
conditions as the units sold in the Offering.
The securities issued under the Offering are subject to a hold period
which expires on July 6, 2008. Following the Offering, a total of
approximately 48,931,980 common shares of FOX-TEK are outstanding.
The proceeds from the private placement will be used for working capital
and to support possible acquisitions.
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; Montreal, QC;
Houston, TX; and Al-Khobar, Saudi Arabia. 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; 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,