TSX Venture Exchange symbol: FOX
TORONTO, Dec. 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 three additional completed sales of PinPoint systems for an existing Calgary-based oil & gas customer. These sales bring the total number of systems purchased by this operating company to six.
The three systems were installed on an operational 24 inch boiler feed water pipeline following the recent discovery of a number of internal corrosion defects identified by inline inspection. The monitored locations were selected at two separate excavation sites by the operating company based upon the best risk and inspection data available. One of the project goals will be to evaluate the effectiveness of a chemical corrosion inhibitor being used to mitigate corrosion within the pipeline based on corrosion observed within the monitoring areas.
All three installations were performed within one week by FOX-TEK's Field Service teams in North Central Alberta. All sites are solar-powered and transmitting data using a cellular connection. Actionable data is then presented to the customer online using FOX-TEK's secure DMAT Web service.
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.
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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; Investor Relations contact: Barry Mire, Renmark Financial Communications Inc., (514) 939-3989, email@example.com