Independent Expert Advice Enhances Integrity Solutions for Clients
TSX Venture Exchange symbol: FOX
TORONTO, Dec. 3 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced a Strategic Partnership with
Pangea Solutions Inc. in Calgary, Alberta.
Dr. Essam Zaghloul, president and CEO of FOX-TEK said, "Our clients are
asking for integrated solutions which cover strategy, implementation, links to
process control, analysis, ongoing evaluation, and regulatory aspects. The
alliance with Pangea is part of our drive to become a full solutions provider,
along with other merger and acquisition, and strategic partner activity.
Pangea Solutions Inc. provides services that include objective recommendations
of all types of monitors, software, and operating practices. We are very
pleased to add their services into our solutions offering, worldwide."
Mr. Ray Goodfellow, President and CEO of Pangea Solutions commented, "Our
senior consulting staff have many years of experience in Canada and around the
world in the field of integrity management, and their know-how is well
respected. The alliance with FOX-TEK will provide us with additional exposure
to new opportunities. FOX-TEK is introducing us to its client and prospect
base while encouraging us to maintain objectivity while providing our
services. This ensures that we offer the best solution possible given each
particular client's needs."
Dr. Zaghloul concluded, "Pangea's 'trusted advisor' services will
complement FOX-TEK's solutions, equipment and systems. Other FOX-TEK alliances
already in place enable complementary specialized monitoring and installation
support. We look forward to successful collaboration around the world."
About Pangea Solutions:
Pangea Solutions Inc. is an engineering company that specializes in
providing integrated asset integrity management support. Pangea's integrated
approach includes full life cycle support from initial engineering, design and
construction to operation for all types of assets including pressure
equipment, tanks, pipelines and wells. The key elements of integrated asset
integrity management are regulatory compliance, cost effective risk
management, incorporating industry best practices and collaborative innovative
The company's expertise encompasses asset integrity management systems,
risk assessments, development of specifications and procedures and a wide
range on technical skills including, materials, welding, inspection,
inhibition, monitoring, failure investigation audits, and training.
Pangea supports oil and gas operations including upstream liquids and
gas, oil sands, and refining / petrochemical plants. Activities span Canada,
the U.S, Yemen, Malaysia, Thailand, People's Republic of China, Russia,
Netherlands, the United Kingdom, Norway, and other countries.
For more information, visit www.pangeasolutions.com/
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,
www.renmarkfinancial.com; Pangea Solutions Inc. contact: Mr. Ray Goodfellow,
President and CEO, (403) 217-9684, rgoodfellow@Pangeasoltions.com