TSX Venture Exchange symbol: FOX
TORONTO, May 27 /CNW/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented non-intrusive sensing systems, today announced the receipt of two contracts worth an estimated total of more than $520,000 for 9 PinPoint continuous monitoring systems. The first contract is for 3 systems and the second contract is for 6 systems. Both of these contracts are repeat orders from existing customers.
The first contract for 3 of these systems was received from a major integrated oil & gas company who has procured the systems for high-temperature corrosion/erosion monitoring at one of their Gulf coast refineries. Previous to this recent order, that customer had purchased a system for the same Gulf coast refinery and one for a California refinery.
The remaining 6 systems announced pertained to one of North America's largest liquids pipeline companies for corrosion monitoring at several locations of interest on some of their key US pipeline assets. This customer previously had purchased a single PinPoint system for one of their Canadian facilities.
Delivery of goods is scheduled for late Q2/early Q3 for both customers. Installation services for both contracts are targeted for the same period.
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 in Alberta; 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 contact: Sean Carr, President and CFO, Fiber Optic Systems Technology, Inc., (416) 665-2288, firstname.lastname@example.org