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 Q2 results from operations and
the grant of options to its Board of Directors.
FOX-TEK reported revenues of $155,000 compared to $445,000 in the same
quarter of 2007. The decrease reflects the installation of a large system in
Russia in 2007 which was not repeated in 2008. The net loss for Q2 2008 was
$1,359,000 or $.03 per share, compared to a net loss of $1,273,000 or $.04 per
share in the same quarter 2007.
"The number of systems that we were able to get completely installed and
recognized as revenue during Q2 was disappointing, however we currently have
5 FT systems and 5 PinPoint systems, either installed or scheduled for
installation by the end of Q3." said Sean Carr, Interim President of FOX-TEK.
"Our products are beginning to get some traction with a number of repeat
Effective August 12, 2008, FOX-TEK has granted a total of 660,000 options
to the directors. The options have an exercise price of $0.16, being the
closing price of FOX-TEK's shares on August 12, 2008. For new directors, some
of their options vest in four equal quarterly installments and the remaining
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" sells non-intrusive asset
health monitoring sensor systems for the oil and gas and other industries.
These systems allow operators to monitor asset integrity, thereby improving
safety, environmental performance, reliability, and efficiency.
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: Sean Carr, Interim President,
Fiber Optic Systems Technology, Inc., (416) 665-2288, firstname.lastname@example.org;
Investor Relations: 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