Venture Exchange symbol: FOX
TORONTO, May 29 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer of patented non-intrusive sensing
systems, today announced financial and operating results for the period ended
March 31, 2009. The quarterly statements have been filed on SEDAR
(www.sedar.com). All amounts are expressed in Canadian dollars unless
Q1 2009 Developments
- Revenue totaled $277,000.
- Net loss decreased by $906,000, comparing Q1-2009 to Q1-2008.
- Cash on hand was $1,700,000 at March 31, 2009.
Among the financial results for the period ended March 31, 2009, FOX-TEK
reported revenue of $277,000 compared to $85,000 in 2008. The net loss for the
first quarter was $606,000 or $.01 per share, compared to a net loss of
$1,512,000, or $.04 per share in 2008. The reduction in the net loss is a
direct result of the cost cutting measures taken throughout 2008 and reflects
the first full quarter where all these costs reductions are clearly evident to
the readers of the financial statements.
FOX-TEK has begun to experience some of the effects associated with the
current economic slowdown and continues to have purchase orders being placed
on hold pending more favourable conditions. At our current level of sales,
FOX-TEK has sufficient funds to operate for the next 10 months. "Despite these
obstacles, FOX-TEK will continue to focus all its attention on the marketing
and sale of our products", said Sean Carr, President & CFO.
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, 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; Montreal,
(514) 939-3989, Fax: (514) 939-3717; Toronto, (416) 644-2020, Fax: (416)