TSX Venture Exchange symbol: FOX
TORONTO, March 26 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer of patented non-intrusive sensing
systems, today announced that it has entered into a sales agreement with Corr
Science, Inc, a Canadian-based provider of corrosion monitoring products and
services targeted at the oil, gas and pipeline industries. In response to
heightened customer demand for FOX-TEK's industrial sensor technology, the
agreement extends the company's sales and marketing arm within Canada,
increasing the availability of its product and service offerings within this
major oil and gas producing region.
"Our reputation has been built on providing our customers with the
highest level of quality service," said Mr. Thomas Spenceley, president of
Corr Science, Inc. "Maintaining this level of service is due in part to our
breadth of product knowledge and recognizing the most innovative solutions
available to companies for maintaining pipeline integrity. The FOX-TEK
solution's ability to non-intrusively and continuously monitor pipeline and
vessel wall thickness is one that our customers are seeking and is a welcome
addition to our roster of product offerings."
With this partnership, Corr Science, Inc. will provide strategic sales,
marketing and business development assistance on FOX-TEK's full product line
of sensor and monitoring systems, including FOX-TEK FT Systems, FOX-TEK Bragg
Systems and FOX-TEK PinPoint Systems. Headquartered in Calgary, Alberta,
Canada, Corr Science, Inc. is well positioned to be the perfect complement to
FOX-TEK's existing Canadian sales efforts.
"FOX-TEK established its leadership position in pipeline monitoring
solutions by providing our customers with the best products possible," said
Dr. Essam Zaghloul, FOX-TEK president and CEO. "Our growth strategy includes
establishing partnerships with the most credible and dedicated companies in
the field of pipeline corrosion monitoring. With a proven track record of more
than 25 years counseling companies on pipeline integrity management, Corr
Science, Inc. will play an integral role in our current and future sales
efforts throughout Canada."
About CORR SCIENCE, INC.
A sister company to Harris Scientific Products Ltd. Corr Science, Inc. is
an Alberta corporation that has been dedicated to providing sales and services
for the Oil and Gas industry in Canada since 1981. Our specialized experience
includes corrosion monitoring, condition assessment, and wireline equipment.
Corr Science, Inc. is committed to providing clients with solution-based
products and services that compliment their existing plant or facility.
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: 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,