TSX Venture Exchange symbol: FOX
TORONTO, Sept. 18 /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 installation of another PinPoint system on a sweet crude pipeline for a large Calgary-based oil and gas producer. This is the third system purchased by this customer for installation in Alberta.
The solar-powered PinPoint system gathers remaining wall thickness information at locations identified by the operating company as being high risk, high consequence, or both. The PinPoint system can be installed on both buried- and above-ground pipelines during operation, meaning there is no need to shutdown throughput to install the sensing system. Data is transmitted using a cellular connection and subsequently posted on a secure website for 24 hour access by stakeholders.
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
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SOURCE FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)
For further information: For further information: FOX-TEK Company contact: 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