Pipeline Bending Monitoring in Alberta Foothills
TSX Venture Exchange symbol: FOX
TORONTO, Sept. 23 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented
non-intrusive sensing systems, today announced the sale and installation of
their FT System for a new client. The client, a full-service engineering,
procurement, and construction firm headquartered in the United States,
contracted FOX-TEK to install their FT Pipeline Bending Monitoring System at
five sites on a 6NPS water line for one of their Oil & Gas clients. This
system uses FT fiber optic strain gages at all five of the sites in the
Alberta foothills to monitor pipeline deformation; and a portable,
battery-powered sensor monitor to acquire and log the data.
A spokesperson for the EPC firm commented, "The pipeline runs through an
active landslide zone currently being monitored for ground movement at several
stations. The use of fiber optic strain gages on the pipeline itself forms a
core part of the pipeline monitoring strategy".
Sean Carr, Interim President & CFO of FOX-TEK added, "We're pleased to
have engaged into this project with our new client. The installation was
executed for the end user on short-notice, and carried out without trouble by
one of our teams of experienced field technicians".
FOX-TEK also announced the resignation of Dr. Essam Zaghloul as Chairman
of the Board of the organization for continuing health reasons. Dr. Zaghloul
will leave his Chairman position at FOX-TEK effective immediately. "We
continue to wish Essam a speedy recovery and would like to thank him for his
valuable guidance over these past two years" said Sean Carr. Sean Carr will
serve as the Interim Chairman.
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 leaks.
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: Sean Carr, Interim President and CFO,
Fiber Optic Systems Technology, Inc., (416) 665-2288, email@example.com;
Investor Relations: Renmark Financial Communications Inc.: Barry Mire,
firstname.lastname@example.org; Christine Stewart, email@example.com,
(514) 939-3989, Fax: (514) 939-3717; www.renmarkfinancial.com