Proven Success and Adapting to Customer Needs are Key Factors
TSX Venture Exchange symbol: FOX
TORONTO, Jan. 28 /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 repeat order from one of our
major Canadian oil and gas clients.
Dr. Essam Zaghloul, president and CEO of FOX-TEK said, "We've just
received another order of a complete remote system for a major Canadian
customer. We've been asked to supply a special system adapted to an area of
concern on a field bend of a six inch pipeline. We are scheduled to install
the system in February."
Sam Cauchi, Director of Sales for North America added "This installation
demonstrates the flexibility of the PinPoint system and our ability to rapidly
meet our customers' needs. Thanks to our new modular sleeve design, we can now
accommodate non-straight sections of pipe without requiring any costly
shutdowns to production."
Eric Kubian, CTO at PinPoint said, "Our customer wants us to provide
information about corrosion rates and the integrity of the pipeline. Without
our system, a likely option for the operator would be to halt production,
shutdown the pipeline, and schedule a repair. This demonstrates our ability to
increase the service life of critical operational assets. Our solution helps
the customer make informed, cost-effective decisions pertaining to pipeline
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 may not disclose details of a purchase order and/or a client's
name, due to compliance with confidentiality obligations of the customer, and
FOX-TEK's own security regarding competitors.
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,
email@example.com; Investor Relations contact: Renmark Financial
Communications Inc.: Barry Mire, firstname.lastname@example.org; Christine
Stewart, email@example.com; (514) 939-3989, Fax: (514) 939-3717,