TSX Venture Exchange symbol: FOX
TORONTO, April 28 /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 year ended
December 31, 2008. The annual statements have been filed on SEDAR
(www.sedar.com). All amounts are expressed in Canadian dollars unless
- Revenue totals $751,000.
- Operating costs decrease by $1,336,000 from 2007 to 2008.
- North American Revenue increases by 111% on a year-over-year basis.
- Cash on hand was $2,400,000 at December 31, 2008.
FOX-TEK reported revenue of $751,000 compared to $1,033,000 in 2007. The
latter reflects two large sales that were not repeated in 2008. "We are
encouraged by the fact that North American revenue has increased by $364,000
on a year-over-year basis. As many of our customers include multinationals, we
will still be able to cover the international activities in a cost effective
manner", said Sean Carr, President and CFO of FOX-TEK. The net loss for 2008
was $4,430,000 or $.09 per share, compared to a net loss of $5,376,000, or
$.14 per share in 2007. The reduced loss reflects the effect of the FOX-TEK's
cost cutting measures taken throughout 2008.
During 2008, the Company developed a high temperature PinPoint system
which operates at temperatures up to 650degreesC as well as a spring loaded
pin configuration which will reduce production time and costs and enhance
reporting integrity. FOX-TEK also introduced DMAT web, an internet based
reporting tool that allows customers immediate access to their live data 24
hours a day.
FOX-TEK develops patented 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 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; Montreal: (514) 939-3989, Fax: (514) 939-3717;
Toronto: (416) 644-2020, Fax: (416) 644-2021; www.renmarkfinancial.com