Key Targets Met for Revenue, Repeat Orders and Expansion of Territories
TSX Venture Exchange symbol: FOX
TORONTO, Jan. 21 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of proprietary
non-intrusive sensing systems, today announced successful performance for all
of 2007, and a strong start for 2008.
Dr. Essam Zaghloul, President and CEO of FOX-TEK said, "Everyone at
FOX-TEK worked very hard to achieve our key goals last year:
- We achieved our revised financial forecast by obtaining approximately
$1M in contracted sales of our systems, which may not have a direct co-
relation to sales reported for Canadian generally accepted accounting
- The company acquired and integrated PinPoint, broadening our product
offering. As a result numerous sales in the pipeline pitting corrosion
monitoring market have been made to Major and Super-Major oil and gas
- Re-orders increased for both FT and PinPoint systems, and order
quantity increased, as benefits of our solutions were recognized by
- Reduced manufacturing costs and increased salability with lower prices
- Our product offering was broadened with new models in the fiber optic
and FBG sensor lines. This increased access to more customers with new
problems, such as plant integrity and leak detection.
- FOX-TEK expanded into Russia, a key market. Three pipeline bending
sales were completed and several more large quotes were issued.
- Additional sales in Saudi Arabia were made for pipeline corrosion and
- Interest grew in both FT and PinPoint solutions in Southeast Asia,
following our initial sale and installation of a PinPoint system to
Petronas in Malaysia.
- We solidified our understanding of the Mexican and South American
market and generated active quotations for pipeline corrosion and
- The Strategic Alliances we forged throughout the year are providing
important sales channel benefits.
- We have stayed on the lookout for further complimentary acquisitions,
considering the financial markets"
Dr. Zaghloul continued, "We have orders on the books to start off Q1 of
2008. Our sales forecast for the rest of 2008 shows solid growth. We will
continue our push for sustainable and profitable operations. Many thanks to
our customers, channel partners, staff, and shareholders for your support."
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,