TSX Venture Exchange symbol: FOX
TORONTO, Nov. 5 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced, for update and information
purposes, recent discussions with senior officials from Gazprom, the national
gas utility in Russia.
Dr. Essam Zaghloul, president and CEO of FOX-TEK said, "The three
projects we completed in Russia since July 2007 raised FOX-TEK's profile in
the country. Gazprom is the largest natural gas extraction company in the
world and operates the largest pipeline network in the world - approximately
150,000 km in all. As a major gas supplier to Europe, and as Russia's largest
corporation, Gazprom has many divisions and subsidiaries. We were fortunate to
be invited to headquarters in Moscow last week to meet with Gazprom managers
and engineers from different parts of the organization. Dr. Morison,
Vice-President of Engineering and Operations for FOX-TEK, and I discussed the
cost benefits of our systems, different applications, and many operational
considerations which are related to successful implementation of very large
scale projects in Russia, such as the two projects we have quoted on, per
Dr. Morison added, "The wide range of inquiries reflected serious
interest in our systems. We addressed Gazprom's operational needs for FOX-TEK
systems for monitoring pipeline bending and soil movement in new major trunk
lines that will run hundreds of kilometers from new strategic gas fields in
Northern Siberia. The Russian market will require special engineering and
support, due to tough field conditions in some parts of the country. We were
impressed by Gazprom's knowledge and mastery of these conditions, and we
appreciated the opportunity to exchange ideas about undertaking projects in
Dr. Zaghloul concluded, "We are making progress in the Russian market
step by step. Large contracts, establishment of engineering support in
country, and ongoing business requires discussion and close work with Gazprom
and its affiliates. FOX-TEK is addressing this challenging and large market.
We will from time to time issue updates about our progress, to keep our
shareholders well informed."
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; Montreal, QC; 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 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,