FT Technology Generates Analysis of Pipeline Bending
TSX Venture Exchange symbol: FOX
TORONTO, Aug. 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 its FT fiber optic sensor
system has been used by Orgenergogaz, Russia's leading oil and gas pipeline
engineering company to monitor pipeline bending in tests conducted in Moscow.
The precision sensor system was installed at the Orgenergogaz plant and
operated by personnel from JSC Krasnodargaztroy under the guidance of FOX-TEK
engineers. The results from the project will be used to determine where
Orgenergogaz may deploy FOX-TEK's technology for detection of pipe deformation
and crack growth. FOX-TEK engineers in Toronto also provided analytical
modeling services that authenticated the measurements from the FT sensors.
"This is our third project with Russian pipeline companies this month and
we are pleased that our FT system is being recognized for its technical merits
and for its wide range of important applications," said Dr. Essam Zaghloul,
FOX-TEK President and CEO. "It's clear that Russian oil and gas companies, as
well as the engineering companies that support them, are enthusiastic about
moving toward potential widespread deployment of FOX-TEK systems to augment
their pipeline monitoring and inspection programs. We know that these actions
will improve safety and add significantly to the bottom line in the oil and
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.
Subsidiary Joint Stock Company "Orgenergogaz" - is Russia's leading oil
and gas pipeline engineering company that operates both in Russia and abroad.
For more than 30 years, their highly qualified specialists have provided
maintenance service of gas infrastructure all around Russia. Orgenergogaz
specialists have participated in putting in operation of some of the major
trunk pipelines, including: "Soyuz", "Urengoi-Pomary-Uzhgorod",
"Yamburg-Center", "Yamal-Europe", Blue Stream (Russia-Turkey) and performed
assorted service works on gas and oil infrastructure.
About JSC Krasnodargazstroy (KGS):
JSC Krasnodargaztroy 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 http://gazstroy.com/eng/
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,