TSX Venture Exchange symbol: FOX
TORONTO, Sept. 11 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced the second sale of a FT
Pipeline Bending Monitoring System to a client headquartered in Calgary.
FOX-TEK has installed and commissioned five sites for the owner / operator in
British Columbia. This system uses FT fiber optic strain gages at all five of
the sites to monitor pipeline deformation; and a portable, battery-powered
sensor monitor to acquire and log the data.
Sean Carr, Interim President & CFO of FOX-TEK said, "FOX-TEK is committed
to providing rapid and accurate data that will help support a quick response.
Our engineers will analyze the data acquired by our client at all five sites
and alert the operator of any significant deformation. This installation
further illustrates our client's commitment to public safety through the
monitoring of high consequence areas."
FOX-TEK would also like to correct the August 26, 2008 press release
regarding the grant of a total of 660,000 options to the directors. The
effective date for this grant was reported as August 12, 2008 instead of the
actual effective date of September 10, 2008. The options vest in six equal
quarterly installments and expire five years from the date of grant. The
number and price of the options remain the same as previously reported.
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; 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: Sean Carr, Interim President and CFO,
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