TSX Venture Exchange symbol: FOX
TORONTO, Aug. 26 /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 completion of a
client-training program for PinPoint system installation and DMAT software
use, along with a purchase order for two PinPoint EFM systems. The two systems
are due to be shipped before the end of Q3, pending completion of the required
customs and shipping documentation.
The seven day course for end-user installation of PinPoint systems and
application of the associated DMAT software was provided to an employee of the
Saudi Arabian Oil Company and a staff member of our regional distribution
partner, Zamil Group, a Saudi Arabian-based supplier of industrial, commercial
and consumer solutions and services. The purpose of the training was to
provide our end user and the distributor with the knowledge required to
completely install, utilize and interpret the data for the two systems, and
future potential systems, independent of FOX-TEK.
This order represents two important milestones:
- The initial sale of PinPoint EFM systems in the Middle East, and
- The first training course offered by FOX-TEK that provides
third-parties with the knowledge required to install and configure
systems independent of FOX-TEK.
"This last milestone becomes increasingly important as repeat orders for
multiple systems are placed by existing clients", said Sean Carr, President &
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 and Calgary, AB; FOX-TEK is traded on
the TSX Venture Exchange under the symbol "FOX". For more information, visit
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: Sean Carr, President & CFO,
Fiber Optic Systems Technology, Inc., (416) 665-2288, firstname.lastname@example.org;
Investor Relations: Renmark Financial Communications Inc.: Barry Mire,
email@example.com; Jason Roy, firstname.lastname@example.org; (514)
939-3989, (416) 644-2020, www.renmarkfinancial.com