Company continues to establish a market place for its Fiber Optic and
TSX Venture Exchange symbol: FOX
TORONTO, Nov. 29 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK" or "the Company"), (TSX-V: FOX), a developer and manufacturer of
patented non-intrusive sensing systems, today announced financial and
operating results for the quarter ended September 30, 2007. All amounts are
expressed in Canadian dollars.
During the quarter ended September 30, 2007 the Company recorded revenues
of $61,000 compared to $20,000 in the same period last year. Year-to-date
revenue was $526,000 compared to $63,000 in the prior year. The net loss for
Q3 2007 was $1,592,000 or $.04 per share, compared to a net loss of
$1,379,000, or $.04 per share in the same quarter 2006. The year-to-date loss
for the period ended September 30, 2007 was $4,164,000 or $.11 per share,
compared to $3,933,000 or $.11 per share over the same period of the prior
year. The loss reflects the Company's increased expenses as it continues to
build its commercial infrastructure in sales, marketing and engineering in
order to penetrate the oil and gas market.
The Company continues to better define its various product lines through
the introduction of the cost effective 2405 FT sensor monitor and the high
temperature welded version of the PinPoint sensor. Both these products, which
were introduced during the quarter, continue to demonstrate FOX-TEK's ongoing
commitment to provide the best solutions to our customer's needs.
"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 begin to bear fruit."
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, Mexico
City, Mexico, and Al-Khobar, Saudi Arabia. FOX-TEK is traded on the TSX
Venture Exchange under the symbol "FOX". For more 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,