TSX Venture Exchange symbol: FOX
TORONTO, June 25 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and marketer of patented non-intrusive
sensing systems, today announced the completion of the installation of a
PinPoint corrosion monitoring system for a major Southeast Asia oil company.
The contract involves the installation and ongoing remote monitoring of a
10 inch hydrocarbon liquids pipeline that transports offshore production to a
gas plant in the province of Terengganu, Malaysia.
Eric Kubian, Director of EFM Technology for PinPoint FOX-TEK Inc. said,
"This sale of our PinPoint system in Malaysia shows we can help major oil
companies assess their pipelines more accurately, more easily, while
eliminating many of the costs associated with inspecting remote sites.
Mr. Kubian continued, "There are many such opportunities here in Malaysia, and
in other regions, where water and other corrosive elements can not be entirely
separated from the hydrocarbon liquids and a common problem results in which
the connecting pipelines suffer corrosion damage. Our remote monitoring
station means we can track the problem areas and analyze the data from our
base in Canada or from anywhere in the world."
Essam Zaghloul, FOX-TEK's president and CEO continued, "No other system
provides this capability for effective, remote, on-demand monitoring to help
prevent pipeline failure. We look forward to furthering our relationship with
this company and building on our ability to successfully address the needs of
all of our customers."
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; Calgary; Houston; 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; Media contact: Neil Torres, Public Relations,
Antenna Group for FOX-TEK, (415) 977-1942, email@example.com