System Tracks the Effects of Corrosion at 900 degrees F
TSX Venture Exchange symbol: FOX
TORONTO, June 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 and installation of a
PinPoint system in a major US refinery. The system will precisely measure
cumulative wall loss in a critical piping component as refinery product moves
through it at 900 degrees F. Early warning of excessive damage to the piping
enables the plant operators to plan for timely maintenance and avoid upsets.
Dr. Essam Zaghloul, president and CEO of FOX-TEK said, "We are pleased
about our first sale to this Supermajor. The company's Corporate Engineering
Group has been very thorough in reviewing the benefits of the PinPoint system,
and has recommended usage of the system to the firm's other refineries around
the world. This particular plant, located on the Gulf of Mexico, is the first
to purchase the PinPoint System."
Mr. Sam Cauchi, Director of Sales, North America, added "What is also
exciting about this installation is the challenge of monitoring internal
corrosion at such a high operating temperature, in such a complex-shaped
piping component. We have extended our proven engineering to address the
broader needs of refiners and processors by including welded electrodes and
special high temperature wiring. The fact that we can now monitor elbows and
other shapes is another reason for refiners, gas plant operators, and tar
sands processors to buy our system with confidence."
Fiber Optic Systems Technology, Inc. "FOX-TEK" develops and sells
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, monitor strain due to bending/buckling or soil
movement, check for leaks, and prevent unauthorized access.
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: Dr. Essam Zaghloul,
president and CEO, Fiber Optic Systems Technology, Inc., (416) 665-2288,
firstname.lastname@example.org; Renmark Financial Communications Inc.: Barry Mire:
email@example.com; Christine Stewart: firstname.lastname@example.org,
(514) 939-3989, Fax: (514) 939-3717; www.renmarkfinancial.com