TSX Venture Exchange symbol: FOX
TORONTO, Jan. 30 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK") (TSX-V: FOX), a developer of patented non-intrusive sensing
systems, today announced a strategic sales and installation services alliance
with Acuren Group Inc. and Acuren Inspection Inc., providers of Materials
Engineering and Testing services. The partnership addresses the increasing
demand of FOX-TEK's patented fiber optic and electric field mapping sensor
technologies, which provide cost benefits while precisely and accurately
monitoring deformations and the rate of corrosion in pipelines and refinery
vessels in the oil and gas industry.
"Part of our success in assisting customers with their plant integrity
management issues can be attributed to our extensive industry expertise and
knowledge of the most cost-effective solutions available," said Mr. Kenneth
Stankievech, President of Acuren. "FOX-TEK's solution is a proven technology
and adding their offering to our inventory enhances the capabilities of our
staff to continue providing the superior service our customers expect."
As part of the strategic alliance, Acuren becomes the principal supplier
for the sales, installation, operation and servicing of FOX-TEK systems in
Canada, the United States, and Mexico. FOX-TEK provides a reciprocal benefit
by referring monitoring clients to Acuren for inspection and materials
engineering. With corporate headquarters in Canada and the United States,
Acuren is ideally positioned to provide the services necessary to support
FOX-TEK's rapidly growing worldwide operations.
"The increased demand for our corrosion monitoring and pipeline bending
systems not only reinforces the value of our products, but also indicates that
a major problem within the industry still exists," said Dr. Essam Zaghloul
FOX-TEK's President and CEO. We are pleased to have Acuren on board to help
provide sales support and localized points of service. Their respected
position with many clients will also assist us in placing FOX-TEK systems to
save clients money while improving integrity and reducing risk." said
Dr. Zaghloul. "Companies all over the world are addressing integrity
management, and becoming more proactive in their maintenance practices.
Partnering with Acuren helps us meet the sector's needs."
About Acuren Group Inc. and Acuren Inspection Inc.
Acuren has substantial experience in pipeline inspection work, both as
part of new construction and for in-situ maintenance support. Acuren clients
include many of the largest oil and gas pipeline and oil processing companies.
Materials Engineering and Testing services are provided to the oil and gas,
pipeline, chemical, pulp and paper, power, automotive, and aircraft
industries. With 60 offices and 2500 staff Acuren is the largest industrial
inspection company in the world. The Acuren companies are wholly owned
subsidiaries of Rockwood Service Corporation.
About Fiber Optic Systems Technology
Fiber Optic Systems Technology, Inc. "FOX-TEK" provides non-intrusive
sensor systems to the oil and gas market to monitor 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, 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: Company contact: Dr. Essam Zaghloul, President
and CEO, Fiber Optic Systems Technology, Inc., (416) 665-2288,
firstname.lastname@example.org; Ken Stankievech, President, Acuren Group Inc. and
Acuren Inspection Inc., (203) 869-6734, email@example.com; Media
contact: Caroline Venza, Public Relations, Antenna Group for FOX-TEK, (415)
977-1939, firstname.lastname@example.org; Amber Hark, Director of Communications,
Rockwood Service Corporation, (403) 828-0882, email@example.com for Acuren;
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; www.renmarkfinancial.com