TSX Venture Exchange symbol: FOX
TORONTO, Aug. 16 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced financial and operating results
for the quarter ended June 30, 2007. All amounts are expressed in Canadian
dollars unless otherwise noted.
FOX-TEK reported revenues of $445,000 compared to $24,000 in the same
quarter 2006. The increase reflects the results of the company's successful
introduction of FT Sensor technology to the Russian and Saudi markets and a
strong start for sales of PinPoint EFM systems. The net loss for Q2 2007 was
$1,241,000 or $.03 per share, compared to a net loss of $1, 241,000, or
$.04 per share in the same quarter 2006.
"The growth for Q2 2007 is the result of our targeted efforts to advance
sales of our FT Sensor systems in North America, Saudi Arabia, and Russia and
the industry's growing recognition of the value of the PinPoint system," said
Dr. Essam Zaghloul, President and CEO of FOX-TEK. "Our strategic relationships
with distributors in new markets are beginning to pay off.
FOX-TEK also successfully closed sales with major oil and gas
distributors in Canada, Malaysia and the Middle East. The company further
increased its sales and marketing efforts in the U.S. by opening a fully
staffed office in Houston, TX.
"Our goal is to continue to stimulate organic revenue growth by expanding
our market reach," said Dr. Zaghloul. "We're sharply focused on sales, and our
efforts to position FOX-TEK as a leader in pipeline monitoring technologies
should continue to bear fruit."
Effective August 15, 2007, FOX-TEK has granted a total of 277,500 options
to the non-executive directors. The options have an exercise price of $0.80,
being the closing price of FOX-TEK's shares on August 14, 2007. The options
vest in six equal quarterly instalments and expire five years from the date of
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, 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 Company contact: Dr. Essam Zaghloul,
president and CEO, Fiber Optic Systems Technology, Inc., (416) 665-2288,
email@example.com; Investor Relations contact: Renmark Financial
Communications Inc., Barry Mire: firstname.lastname@example.org; Christine
Stewart: email@example.com, (514) 939-3989, Fax: (514) 939-3717,