TSX Venture Exchange symbol: FOX
TORONTO, Oct. 5 /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 installation of one of their PinPoint internal corrosion monitoring systems on-site at a large oil sands facility in Ft. McMurray, AB. The installation is part of a paid evaluation the producer is doing of FOX-TEK's PinPoint internal corrosion monitoring technology.
The installation of the PinPoint system was performed on a tailings pipeline in order to monitor the rapid erosion caused to the pipe during operation as a result of the significant sand content. The PinPoint system is designed to monitor wall loss around 360o of the large diameter pipe and provide quick feedback allowing determination of the pipe's rotation schedule and scheduled end of life. The paid evaluation period is expected to last two months.
In addition, FOX-TEK confirmed the Q3 shipment of two PinPoint systems that were ordered by the Saudi based Oil Company referenced in our August 26 press release.
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
SOURCE FIBER OPTIC SYSTEMS TECHNOLOGY, INC. (FOX-TEK)
For further information: For further information: FOX-TEK Company: Sean Carr, President & CFO, Fiber Optic Systems Technology, Inc., (416) 665-2288, firstname.lastname@example.org; Investor Relations contact: Renmark Financial Communications Inc.: Barry Mire, email@example.com; Dan Symons, firstname.lastname@example.org; (514) 939-3989, (416) 644-2020; www.renmarkfinancial.com