TSX Venture Exchange symbol: FOX
TORONTO, June 27 /CNW Telbec/ - Fiber Optic Systems Technology, Inc.
("FOX-TEK"), (TSX-V: FOX), a developer and marketer of patented non-intrusive
sensing systems, today announced the addition of Gerhard E. Kurz to the Board
Formerly the president of Mobil Shipping and Transportation Company
(MOSAT), a Mobil Oil-affiliate, and most recently the CEO and director of
Seabulk International (now Seacor Holdings), an offshore services company,
Gerhard has served in a variety of influential roles, balancing energy
resource exploration with marine environments. He was a founding member and
chairman for the Massachusetts Maritime Academy's International Business
Advisory Council, the Marine Preservation Association (MPA) and the Oil
Companies International Marine Forum, (OCIMF). Mr. Kurz is also a member of
the International Advisory Board to the Panama Canal Authority.
"Much of my career has been spent navigating the need for new energy
resources and the environmental implications, and I see FOX-TEK's proactive
monitoring approach as a critical method of ensuring that offshore energy
explorations move forward while preserving marine environments," said Mr.
Gerhard Kurz "I look forward to working with FOX-TEK to expand the Company's
offshore applications, as well as further development of its international
presence in the industry."
"The addition of Mr. Kurz complements and further strengthens the Board
of Directors of FOX-TEK," said Dr. Essam Zaghloul, president and CEO of
FOX-TEK. "With the caliber of expertise of Gerhard and his standing within the
industry, we believe he will be invaluable as we move forward with
The Company further announced that 100,000 options have been awarded to
Mr. Kurz. The options have a term of 5 years and vest in compliance with the
Company's stock option plan. These options have an exercise price of $1.05
being the closing price of FOX-TEK shares on the date immediately prior to the
The company announced the resignation of Board Member Mr. Ken Stankievech
due to health reasons. Mr. Stankievech has agreed to join the advisory board
once his health issues have been resolved.
"I would like to thank Mr. Stankievech for his valuable contributions and
insights," said Dr. Zaghloul. "The FOX-TEK family offer their prayers to Ken
and wish him a speedy recovery."
FOX-TEK also announces that the formal part of the annual general meeting
held on Tuesday June 26th, 2007 has been adjourned and will continue the
shareholder meeting at 2:00 p.m. Wednesday July 11, 2007 at the office of
Beard Winter LLP; the Main boardroom, seventh floor, 130 Adelaide Street West,
Toronto, Ontario, M5H 2K4. Mr. Kurz will officially be nominated for election
to the board of directors instead of Mr. Stankievech during the meeting.
About Fiber Optic Systems Technology
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
FOX-TEK has offices in Toronto; Calgary; Houston; 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 Company contact: Dr. Essam Zaghloul,
president and CEO, Fiber Optic Systems Technology, Inc., (416) 665-2288,
firstname.lastname@example.org; Investor Relations contact: Renmark Financial
Communications Inc.: Barry Mire: email@example.com; Christine
Stewart: firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; Media contact: Neil Torres, Public Relations,
Antenna Group for FOX-TEK, (415) 977-1942, email@example.com