Ease of Installation and Rapid Reporting Contribute to PinPoint's Success
TSX Venture Exchange symbol: FOX
TORONTO, Nov. 26 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced successful completion and start
of on-line operation of two more PinPoint internal corrosion monitoring
systems in the last two weeks.
These two installations were performed by FOX-TEK field service teams in
Alberta and Ontario. Both systems utilized FOX-TEK PinPoint's unique removable
and reusable Electric Field Mapping (EFM) sensor sleeve, and the remote
telemetry monitor. The system allows oil and gas companies to non-intrusively
monitor the growth of internal defects in both pipelines and vessels with high
precision. Data is streaming from both sites automatically and regularly.
Reporting is scheduled by the companies. It can vary from daily, to monthly.
Mr. Eric Kubian, Director of PinPoint Technology of FOX-TEK said
"Frequent reporting is sometimes requested as the pipeline wall defects being
monitored can take the form of isolated pitting corrosion. If pits are left
unchecked they can form a "bore hole" from the inside of the pipe, cause loss
of pipeline integrity, and end up causing costly service shutdowns.
Mr. Kubian continued "With the remote telemetry system and FOX-TEK's
automated DMAT software, reports are being sent to the operators on demand.
PinPoint's design and high sensitivity allows the location and severity of
each individual defect to be mapped out and tracked promptly, over time.
Corrective actions can be taken immediately to halt the pitting."
Mr. Sam Cauchi, Director of Sales of FOX-TEK said, "When I was in the
field with our service team recently I was pleased to discover how quickly and
easily the system is installed compared to anything else on the market. The
system is completely non-intrusive and requires no disruption to operations,
or staff on site to take samples. This is a huge benefit.
Mr. Cauchi continued "Feedback I've received from all our clients to date
has been overwhelmingly positive. I am happy to hear about our ramp-up of
operations to support the increasing sales demand we're seeing."
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,