TSX Venture Exchange symbol: FOX
TORONTO, Dec. 16 /CNW/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK"
of the "Corporation"), (TSX-V: FOX), a developer and manufacturer of
patented non-intrusive sensing systems, would like to provide an update
on its current sale activities since the closing of the acquisition of
Marcon International Inc. ("Marcon")
Sales of the Pinpoint System in the present quarter (which ends on
December 31, 2010) has grown. To date an aggregate of 9 Pinpoint
Systems have been shipped with an additional 5 systems scheduled to be
shipped prior to quarter end. The Pinpoint Systems, which are used for
the monitoring of corrosion, were and are scheduled to be shipped to a
major integrated gas and oil company and one of North America's largest
liquid pipeline company. The additional shipments of the Pinpoint
Systems came after the companies purchased a single system.
Sales in Marcon, a wholly owned subsidiary of the Corporation, has also
shown strong growth. The number and value of the transactions completed
by Marcon during the quarter has increased as various United State
government agencies and Saudi Arabia's Sabic Services, Qatar Petroleum,
and Qatar Gas have increased their purchases of goods and services from
Mr. Allen Lone, the President and C.E.O. of the Corporation, says "We
are very pleased with our team's performance, We have been able to
perform well in such a short period of time, considering the cost
cutting, consolidation and integration between the two entities, Since
the take over our focus has been on positive cash flow, financial
recovery and sales."
The Corporation continues to merge its business with that of Marcon. As
it continues this process, the Corporation has identified all areas
where duplicate services that can be consolidated into one, synergies
between the various business units and reduced costs. The Corporation
has increase sales ,decreased its expenses dramatically pushing towards
positive cash flow.
About Marcon, FOX-TEK:
Marcon is an Ontario based, industrial supply contractor servicing the
energy sector and a number of US Government entities. Marcon's
principal business is the sale and distribution of industrial parts and
equipment (Electrical, mechanical and Instrumentation.) In addition to
departments and agencies of the U.S. Government, Marcon's major clients
include Saudi Arabia-Sabic Services (Refining and Petrochemical),
Bahrain National Gas Co, Bahrain Petroleum, Qatar Petroleum, Qatar Gas,
Qatar Petrochemical, Gulf of Suez Petroleum, Agiba Petroleum and
Burullus Gas Co.
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
Marcon, FOX-TEK have offices in Oakville, ON; Toronto, ON and Alberta;
FOX-TEK is traded on the TSX Venture Exchange under the symbol "FOX".
For more information, visit www.fox-tek.com.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release.
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.
SOURCE FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)
For further information: For further information:
Allen Lone, President & CEO, Fiber Optic Systems Technology, Inc.
Tel: (905) 338 -2323 Ext 22, email: email@example.com