TSX Venture Exchange symbol: FOX
TORONTO, Aug. 25 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX- TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced Q2 results from operations and
the annual grant of options to its Board of Directors.
FOX-TEK reported year-to-date revenues of $395,000 compared to $240,000
in the same period of 2008. Operational costs were reduced by $620,000 from
$1,431,000 in Q2 2008 to $811,000 in Q2 2009 and this expenditure level is
reflective of management's ongoing expectation for the coming quarters. The
net loss for Q2 2009 was $784,000 or $.02 per share, compared to a net loss of
$1,320,000 or $.03 per share in the same quarter of 2008.
At our current level of sales, FOX-TEK has sufficient funds to operate
for the next 7 months. The Company has begun to actively pursue various
financing alternatives. In conjunction with this, management has engaged a
consultant to help facilitate with strategic transactions including possible
mergers and acquisitions and the raising of additional capital.
Effective August 20, 2009, FOX-TEK has granted a total of 390,000 options
to the directors. The options have an exercise price of $0.10 in compliance
with regulatory standards. The closing price of FOX-TEK's shares on August 19,
2009 was $0.08. Director's options vest in six equal quarterly installments.
All the options will expire five years from the date of grant.
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 contact: Sean Carr, President
and CFO, Fiber Optic Systems Technology, Inc., (416) 665-2288,
email@example.com; Investor Relations contact: Renmark Financial
Communications Inc.: Barry Mire, firstname.lastname@example.org; Jason Roy,
email@example.com; (514) 939-3989, (416) 644-2020,