TSX Venture Exchange symbol: FOX
TORONTO, June 5 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK" or the "Company") (TSX-V: FOX), a supplier of integrity monitoring
solutions today announced the resignation of Dr. Essam Zaghloul as President &
CEO of the organization for family and health reasons. Dr. Zaghloul will leave
his President & CEO position at FOX-TEK on July 4, 2008 but will retain his
current board position. FOX-TEK's CFO, Mr. Sean Carr, has been appointed as
Interim President. FOX-TEK also announced that Mr. Kenneth Stankievech, (the
CEO and President of Copperwood Development Corporation), has consented to
rejoin the Board of Directors. Mr. Kenneth Stankievech and Mr. Sean Carr will
be nominated to act as directors of FOX-TEK at the forthcoming annual general
"I have valued my time here at FOX-TEK and anticipate continued success
for the Company. We have built a strong company and an exceptional team that
will deliver integrity monitoring solutions thereby building shareholder
value" said Dr. Zaghloul.
Julian Doyle, a member of the board of directors stated, "Essam has truly
been an asset to the Company and we appreciate his valuable contributions as
we successfully expanded the company by adding integrity monitoring solutions.
We wish him a speedy recovery. We are also very pleased to have Sean lead the
Company into the next level of performance. The Board is confident he will do
an exceptional job".
"Over the past several years, FOX-TEK has continued to gain global
traction for its fiber optic monitoring systems, has expanded its offering
into electric field signature corrosion monitoring, and signed strategic
partnerships with other companies to offer increased monitoring solutions.
With oil and gas customers in North America, the Middle East, Russia and South
East Asia, the Company will continue its expansion into new regions of
profitable growth" said Sean Carr.
Mr. Stankievech is the CEO and President of Copperwood Development
Corporation currently developing several large residential and commercial
projects (including a world class PGA golf Course) in Western Canada and
Hawaii. Formerly, Mr. Stankievech was the founder and President of the Acuren
Group of companies where he spent 35 years building the Acuren organization
into the largest materials engineering and testing company in the world,
employing more than 2,500 engineers and testing personnel located at over
70 domestic and international offices.
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, CFO, 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