Certification Received; Project Starts immediately; FOX-TEK Exhibiting
at Major Exhibition
TSX Venture Exchange symbol: FOX
TORONTO, June 20 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced opening of activities in
- FOX-TEK's FT Systems are now certified for general use in Russia.
- The first sale in Russia of FOX-TEK products is valued at more than
CAD $321,911. FOX-TEK is supplying monitors, sensors, support analysis
services, and training for JSC Krasnodargazstroy (KGS) for installation
immediately at six locations on the Pochinki - Izobilnoye Pipeline, in
Southern Russia near the city of Volgograd.
- FOX-TEK has agreed to co-exhibit at Russia's largest oil and gas show,
the "Moscow International Oil & Gas Conference & Exhibition" on
Dr. Essam Zaghloul, FOX-TEK's president and CEO commented, "KGS is an
industry leader and we are very impressed with their capabilities. They have
over 6,000 staff and offices in five cities across Russia. KGS is a subsidiary
of OAO Gazprom, and we believe that will facilitate introduction of our
systems. We are very excited about our expansion into the Russian market."
Mr. Victor Andreev, General Director of KGS stated "FOX-TEK has been
consistently professional in helping us understand how their advanced
non-intrusive systems can support our business objectives. We now understand
the strong benefits of the FT System for monitoring bending or other pipeline
shape distortions, compared to other techniques."
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.
About JSC Krasnodargazstroy (KGS):
KGS is one of Russia's leading pipeline construction and repair companies.
The company is a subsidiary of OAO Gazprom, the world's largest gas company.
JSC Krasnodargaztroy has five offices across Russia with approximately 6,000
engineering, construction, and sales staff. The company has international
quality certification in all areas of construction and repairs and has built
or repaired major gas and oil pipelines in Russia, Algeria, Iran, Iraq, Libya,
Nigeria, Finland, and Cuba. For general 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: 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