TSX Venture Exchange symbol: FOX
TORONTO, March 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 three more installations on both pipelines and within a refinery. Three additional systems have been installed for two separate Major Oil & Gas companies. Two systems have been installed on pipelines through a repeat order from an existing client. The other installation has been performed for a new refining client in South America that has been established through a sales channel.
The two pipeline systems were sold and installed in Northern Alberta on an 8 inch gathering system at locations previously identified to exhibit internal corrosion. While these pipelines are operated by an existing client of FOX-TEK's, both are co-owned by other major operating companies. Thus, these installations represent both a repeat order as well as the acceptance of the PinPoint product by two other major oil companies. Both of these systems are solar powered, remotely operated, and communicate data over a cellular connection. Data will be presented on the web using FOX-TEK's popular DMAT Web solution. The installation of these two pipeline systems was completed in one week by FOX-TEK's field services team.
The recent refinery installation was performed in South America and executed through FOX-TEK's representative in Brazil, Instalaçoes e Engenharia de Corrosao Ltda. (IEC). A representation agreement with IEC was put into effect last year. This installation represents the first materialized success of this relationship. IEC is an active sponsor and long-time member of many industry-known corrosion associations, such as NACE (National Association of Corrosion Engineers) and ABRACO (Associaçao Brasileira de Corrosao), and represents several other large oil & gas product and service companies such as CANUSA, Flexpipe, Metal Samples and Rosen. Mauro Barreto, Owner of IEC, commented "We at IEC are pleased to represent FOX-TEK's products & services in Brazil, and are excited to have completed this recent installation with a major oil & gas company." He continues, "We look forward to continue supplying FOX-TEK's advanced technologies to our clients, and to further developing our relationship with FOX-TEK by securing additional business."
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.
Established in June 1970 and based in Rio de Janeiro, Brazil, Instalaçoes e Engenharia de Corrosao Ltda. "IEC" provides services in the areas of Cathodic Protection, Corrosion Studies, Electrical Grounding, Equipment Inspection, Protection / Inspection of Pipelines and Technical Training. IEC's mission is to provide and implement solutions to its customers' corrosion problems by observing industry best practices, and by utilizing the most advanced technologies available at the lowest possible cost.
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