TORONTO, ONTARIO — (Marketwire) — 08/02/11 — Fiber Optic Systems Technology, Inc. (TSX VENTURE: FOX) (“FOX-TEK” or the “Corporation”), a developer and manufacturer of patented non-intrusive sensing systems, is pleased to announce that the Corporation will provide corrosion monitoring systems for a technology development project for the pipeline industry supported by the Alberta government.
FOX-TEK will take a key role in supplying corrosion monitoring systems for metal loss measurements and provide engineering support to a critical energy sector technology development initiative supported by the Government of Alberta–s Advanced Education and Technology, Alberta Innovates Technology Futures (AITF), and GE Water and Process Technologies.
The project, Pipeline Corrosion Management (PiCoM) project, was launched by AITF as a close collaboration with the pipeline industry to evaluate and improve corrosion monitoring methods for midstream and downstream petroleum operations. The project combines the research capabilities of AITF and the real-world experience of a number of pipeline industry insiders to assess monitoring technologies, evaluate and optimize corrosion mitigation strategies and identify best practices in the field of corrosion monitoring. Building on a successful joint project with AITF in 2010, FOX-TEK is excited to participate in the PiCoM project and contribute to state-of-the-art innovation in the corrosion monitoring field.
About AITF
Alberta Innovates Technology Futures plays a vital part in Alberta–s research and innovation system that is building healthy, sustainable businesses in the province. Through a suite of programs and services for entrepreneurs, companies, researchers and investors, Tech Futures provides technical services and funding support to facilitate the commercialization and leadership of technologies to develop new knowledge-based industry clusters and to encourage an entrepreneurial culture in Alberta.
About Marcon, FOX-TEK:
Marcon is an Ontario based, industrial supply contractor servicing the energy sector and a number of US Government entities. Marcon–s principal business is the sale and distribution of industrial parts and equipment (Electrical, mechanical and Instrumentation.) In addition to departments and agencies of the U.S. Government, Marcon–s major clients include Saudi Arabia-Sabic Services (Refining and Petrochemical), Bahrain National Gas Co, Bahrain Petroleum, Qatar Petroleum, Qatar Gas, Qatar Petrochemical, Gulf of Suez Petroleum, Agiba Petroleum and Burullus Gas Co.
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 corrosion monitoring systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.
Marcon, FOX-TEK have offices in Oakville, ON; Toronto, ON and Alberta; FOX-TEK is traded on the TSX Venture Exchange under the symbol “FOX”. For more information, visit .
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 in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Contacts:
Fiber Optic Systems Technology, Inc.
Allen Lone
President, CEO & CFO
(905) 338-2323 Ext 22