TSX Venture Exchange symbol: FOX
TORONTO, Sept. 22 /CNW Telbec/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented non-intrusive sensing systems, today announced the sale and installation of another PinPoint system, this time at one of the largest refineries on the West Coast. This installation is this particular customer's second PinPoint system purchase.
The PinPoint system was installed during operation in a hazardous area at the refinery, on 700 degrees F process piping located on the side of a tower. While the first purchase by this customer was made to permit inspection of an inaccessible component in between maintenance shutdowns at another refinery, this installation was motivated by the need to monitor the effectiveness of a chemical designed to minimize naphthenic acid corrosion. Based on the severity of the corrosion data reported by the PinPoint system, the refiner will be able to make objective decisions regarding how much and what type of chemical needs to be added to the process. In addition, the data provided by FOX-TEK will assist the refinery in assessing the risk associated with processing particular types of crude.
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 leaks.
FOX-TEK has offices in Toronto, ON and Calgary, AB; 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.
SOURCE FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)
For further information: For further information: FOX-TEK Company: Sean Carr, President and CFO, Fiber Optic Systems Technology, Inc., (416) 665-2288, firstname.lastname@example.org; Renmark Financial Communications Inc.: Barry Mire, email@example.com; Dan Symons, firstname.lastname@example.org; (514) 939-3989, (416) 644-2020, www.renmarkfinancial.com