Online System Provides Daily Measurements of Pipeline Integrity
TSX Venture Exchange symbol: FOX
TORONTO, April 3 /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 of a welded PinPoint
Internal Corrosion Monitoring System to a global integrated oil and gas
client. The recently installed system is monitoring the integrity of a high
pressure oil pipeline section which showed multiple internal corrosion pits
during a prior routine in-line inspection. This order adds to one of the
several PinPoint installations done by FOX-TEK in the Alberta region.
Sam Cauchi, Director of Sales for North America said, "Our client tells
us that this FOX-TEK PinPoint system plays an important role in allowing them
to operate this pipeline section at maximum capacity while ensuring the safety
of the public at the same time. The client required a quick turnaround from
order to installation and FOX-TEK delivered by completing all the work within
two weeks of receiving "go-ahead" from the client. The locations are in high
risk areas, and the pipeline regulators required a reliable integrity
management plan be in place during operations. As an added benefit, our client
will have 24/7 access to the status of their pipeline securely over the
internet, thanks to our new DMAT Web online data display".
FOX-TEK also announced that Sean Carr was formally appointed the
President & CFO of FOX-TEK by the Board of Directors.
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
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: Sean Carr, President and CFO,
Fiber Optic Systems Technology, Inc., (416) 665-2288, firstname.lastname@example.org;
Investor Relations: Renmark Financial Communications Inc: Barry Mire,
email@example.com; Jason Roy, firstname.lastname@example.org; Montreal:
(514) 939-3989, Fax: (514) 939-3717; Toronto: (416) 644-2020, Fax: (416)