Agreement with Mideast Oil Company to Monitor Remote Pipeline
TSX Venture Exchange symbol: FOX
TORONTO, June 5 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer of patented non-intrusive sensing
systems, today announced a deal with a major Middle East oil company to
jointly develop a new pipeline fault detection system for remote pipelines
throughout the region. This contract will have a value of more than
"Moving forward with this project highlights the significant growth we
continue to experience in the Middle East," said Thierry Cherpillod, FOX-TEK's
Director of Operations - Saudi Arabia. "This client's scientific skills and
extensive field knowledge are unquestioned. Matching their expertise with our
innovative technology adds a key element to maintaining the integrity of the
pipelines currently at risk."
FOX-TEK will be working closely with the company's research group and
field engineers to develop a new system that will monitor/detect the events
that could potentially lead to a pipe failure. FOX-TEK's FT monitoring system
utilizes fiber optic sensors bonded to the exterior of the pipeline to alert
operators at the first sign of conditions that lead to such failures.
"This project illustrates yet again the benefits of having an office in
Saudi Arabia," said Dr. Essam Zaghloul, FOX-TEK's president and CEO. "No other
offering provides the kind of comprehensive, real-time, continuous monitoring
and pipeline failure prevention capabilities. Customer loyalty and
satisfaction is garnered through successful results and the opportunity to
become a key supplier to this company and further our current relationship is
evidence of our ability to repeatedly address the needs of our customers."
About Fiber Optic Systems Technology
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, Calgary, Houston, 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 contact: Dr. Essam Zaghloul,
president and CEO, Fiber Optic Systems Technology, Inc., (416) 665-2288,
firstname.lastname@example.org; Investor Relations contact: 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; Media contact: Neil Torres, Public Relations,
Antenna Group for FOX-TEK, (415) 977-1942, email@example.com