Key Distributor Agreement Targets Saudi Arabia and Gulf Region with
In-Demand Corrosion Monitoring Technology for Oil and Gas Industry
TSX Venture Exchange symbol: FOX
TORONTO, Ontario, March 14 /CNW Telbec/ - Fiber Optic Systems Technology,
Inc. ("FOX-TEK"), (TSX-V: FOX), a developer of patented non-intrusive sensing
systems, today announced that it has entered into a Distributor Agreement with
Zamil Group, a Saudi Arabian-based provider of industrial, commercial and
consumer solutions and services. This agreement signifies the beginning of a
powerful alliance to provide Saudi-based Oil and Gas and Petrochemical
companies with FOX-TEK's novel new approach to monitoring corrosion. FOX-TEK
plans to increase the availability of its product and service offerings within
the area, with Zamil Group playing the role of marketing, sales, engineering
and support services in the Kingdom of Saudi Arabia. A key technical expert
from FOX-TEK will be stationed in Saudi Arabia to service the region, assist
in the rollout and provide technical expertise.
"We have conducted our due diligence on FOX-TEK's sensing technology and
are confident in its ability to significantly impact cost savings for our
clients," said Mr. Khalid Al-Zamil, Director of the Board of Zamil Group.
"FOX-TEK's ability to monitor pipeline and vessel wall thickness, pitting
caused by corrosion and bending of pipelines should prove to be an invaluable
asset to clients who understand the importance of maintaining pipeline
integrity and see the value in lowering the total cost of ownership."
"This agreement with Zamil Group marks the beginning of our association
with another well-respected and highly influential player in the Saudi Arabian
market, underscoring the strength of our growing network and the demand for
our solutions," said Dr. Essam Zaghloul, FOX-TEK's President and CEO. "Having
personally known the Zamil family for more than 15 years, I am confident of
our combined synergies and in the Zamil Group's ability to efficiently roll
out our systems in Saudi Arabia and the Gulf region, while maintaining the
quality service and support required by our joint customers."
About Zamil Group
Zamil Group Holding Company is a family controlled global investment
company with diverse industrial, petrochemical, commercial and consumer
Zamil Group, through a vast network of manufacturing facilities in over
55 countries offers high quality, innovative, competitive products and
solutions, as well as investment opportunities to stakeholders through more
than 60 businesses worldwide. The group employs over 10,000 people in more
than 80 countries. For more information, visit www.zamil.com.
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, ON, Calgary, AB, and Houston, TX. 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,
email@example.com; FOX-TEK has offices in Toronto, Calgary and Houston.
For more information, visit www.fox-tek.com; Investor Relations contact:
Renmark Financial Communications Inc.: Barry Mire: firstname.lastname@example.org;
Christine Stewart: email@example.com, (514) 939-3989, Fax: (514)
939-3717, www.renmarkfinancial.com; Media contact: Caroline Venza, Public
Relations, Antenna Group for FOX-TEK, (415) 977-1939,