TSX Venture Exchange symbol: FOX
TORONTO, Nov. 27 /CNW Telbec/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented non-intrusive sensing systems, announced that a Judgment was delivered earlier today in the High Court of Justice Queen's Bench Division in London, England awarding (pnds stlg)50,000 plus interest and costs of (pnds stlg)100,000 against one of FOX-TEK's subsidiaries Fiber Optic Systems Technology (Canada), Inc. ("FOX-TEK Canada") The Judgment is in favour of IRT Oil and Gas Limited ("IRT") and results from legal proceedings related to the early termination of a distributorship agreement between FOX-TEK Canada and IRT dated October 19, 2005. The total award is estimated to be approximately equivalent to CDN$262,470. The Board of Directors and management of FOX-TEK will be reviewing a range of options relating to the Judgment.
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 leaks.
FOX-TEK has offices in Toronto, ON and Calgary, AB; 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.
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SOURCE FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)
For further information: For further information: FOX-TEK Company contact: Sean Carr, President and CFO, Fiber Optic Systems Technology, Inc., (416) 665-2288, firstname.lastname@example.org; Investor Relations contact: Barry Mire, Renmark Financial Communications Inc., (514) 939-3989, email@example.com