TORONTO, May 6 /CNW/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK" or the "Corporation"), a developer and manufacturer of patented non-intrusive sensing systems, is pleased to announce that it has received approval from the TSX Venture Exchange to amend the conversion price and maturity date of the $365,000 in secured convertible debentures (the "Debentures") and the expiry date of the 4,055,555 common share purchase warrants (the "Warrants") of the Corporation, which were issued in connection with the Corporation's nonbrokered private placement of the Debentures which were issued on May 7, 2011 (for complete information on the Debentures and Warrants please refer to the Corporation's press release of May 7, 2010).

The Debentures, as amended, bear interest at a rate of 12% per annum payable in cash on November 7, 2011 and are convertible into common shares in the capital of the Corporation at a price of $0.10 per common share. Each Warrant, as amended, entitles the holder thereof to purchase one common share of the Corporation at any time until the close of business on November 7, 2011 at an exercise price of $0.10 per common share.

The Debentures and the Warrants will be amended, effective May 7, 2011, to amend the conversion price of the Debentures to $0.10 per common share, to extend the maturity date of the Debentures to November 7, 2011 and to extend the term of the Warrants until November 7, 2011. All other provisions of the Debentures and Warrants will remain the same. Insiders of the Corporation hold less than 7% of the Debentures and outstanding Warrants.

About Marcon International Inc. and FOX-TEK:

Marcon International Inc. ("Marcon"), a wholly owned subsidiary of the Corporation, is an Ontario based, industrial supply contractor servicing the energy sector and a number of US Government entities. Marcon's principal business is the sale and distribution of industrial parts and equipment (Electrical, mechanical and Instrumentation.) In addition to departments and agencies of the U.S. Government, Marcon's major clients include Saudi Arabia-Sabic Services (Refining and Petrochemical), Bahrain National Gas Co, Bahrain Petroleum, Qatar Petroleum, Qatar Gas, Qatar Petrochemical, Gulf of Suez Petroleum, Agiba Petroleum and Burullus Gas Co.

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. FOXTEK'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 leaks.

Marcon and FOX-TEK have offices in Oakville, ON; Toronto, ON and Alberta. The common shares of FOX-TEK are traded on the TSX Venture Exchange under the symbol "FOX". For more information, visit

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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.


For further information:

FOX-TEK contact:
Allen Lone, President & C.E.O., Fiber Optic Systems Technology, Inc.
Tel: (905) 338 -2323 Ext 22, email:

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