TSX Venture Exchange symbol: FOX
Online System Provides Daily Measurements of Pipeline Integrity at
TORONTO, Feb. 4 /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 two more PinPoint
Internal Corrosion Monitoring Systems to a global integrated oil and gas
client. The repeat order from this client is part of a large scale pipeline
rehabilitation program. FOX-TEK will be monitoring the integrity of these high
sour content gas pipelines around their full circumference. Several important
technological innovations were developed by FOX-TEK as part of these new
installations in Southern Alberta.
Sam Cauchi, Director of Sales for North America said, "Our client tells
us that the installation of these two PinPoint systems by FOX-TEK plays a
central role in restarting their sour gas gathering system operations. The
locations are in high risk areas, and it has been mandated that the pipeline
be restarted with a reliable integrity management plan in place. As an added
benefit, our client will have 24/7 access to the status of their pipelines
securely over the internet, thanks to our new DMAT Web online data display".
Sean Carr, Interim President & CFO of FOX-TEK said, "This project
provided FOX-TEK with the opportunity to develop a new solution for industry
by collaborating with an existing client. These new systems are designed to
monitor internal axial defects with great sensitivity and precision, while
providing a full 360o view of the inside of the pipeline over a substantial
length. This project demonstrates our ability to provide high end, economical
solutions to our clients that deliver immediate benefits."
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; 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: Sean Carr, Interim
President and CFO, 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; Montreal: (514) 939-3989, Fax: (514)
939-3717; Toronto: (416) 644-2020, Fax: (416) 644-2021;