TSX Venture Exchange symbol: FOX
TORONTO, March 19 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer of patented non-intrusive sensing
systems today announced that King Fahd University of Petroleum & Minerals,
Dhahran, Saudi Arabia has purchased one of the company's precision FT fiber
optic sensor systems for use in their research programs. The system includes a
variety of fiber optic sensor configurations, a control-room style 3405 model
monitor, and DMAT - FOX-TEK's own database management and analysis software.
"The FOX-TEK system will initially be used to investigate the stability
of thrust anchors - massive concrete elements used to rigidly support
structures such as tanks and pipelines," said Dr. Muhammad Kalimur Rahman,
associate professor and coordinator of the Engineering Analysis Section at the
Center for Engineering Research. "The sensitivity of the monitoring system and
the long gage length of the sensors is key to being able to assess these types
of structures without using large numbers of individual sensors. These
capabilities make the FOX-TEK FT system an invaluable tool for our research
and in the consulting projects we do for the oil industry."
"The selection of our technology by King Fahd University is a great step
in increasing our visibility among those who matter the most - the key
decision-makers within the oil and gas industry," said Dr. Essam Zaghloul,
FOX-TEK's president and CEO. "With multiple applications possible due to the
versatility of our FT sensor system, we're pleased to have talented engineers
develop innovative ways to use our technology and help various industries make
their monitoring programs better."
About King Fahd University of Petroleum & Minerals:
King Fahd University of Petroleum and Minerals (KFUPM) was officially
established by Royal Decree on 23 September 1963. The first students were
admitted a year later, on 23 September 1964, when 67 young men enrolled in
what was then the College of Petroleum and Minerals (CPM). Since that time,
the University enrollment has grown to more than 10000 students. Several
significant events have marked the University's growth. In 1971, at the first
graduation ceremony, four men received their baccalaureate degrees in
engineering. In 1975, the College of Petroleum and Minerals became the
University of Petroleum and Minerals, a change both in name and academic
status. In 1986, the University was renamed: The King Fahd University of
Petroleum and Minerals.
The successful management of Saudi Arabia's vast petroleum and mineral
resources poses a complex and exciting challenge for scientific, technical,
and management education in the Kingdom. To meet this challenge, the
University has adopted advanced training in the fields of science,
engineering, and management as one of its goals in order to promote leadership
and service in the Kingdom's petroleum and mineral industries. The University
also furthers knowledge through research in these fields.
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, ON, Calgary, AB, and Houston, TX. 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; FOX-TEK has offices in Toronto, Calgary and Houston.
For more information, visit www.fox-tek.com.; 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: Caroline Venza, Public
Relations, Antenna Group for FOX-TEK, (415) 977-1939,