FOX-TEK Announces Acceptance of a Purchase Order From Saudi Aramco.TORONTO -- Fiber Optic Systems Technology, Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:FOX) (the "Company" or "FOX-TEK"), a developer of patented fiber optic sensing products targeted to the oil and gas industry, today announced that it has accepted a Purchase Order from Saudi Arabian Oil Company ("Saudi Aramco Saudi Aramco, the state-owned national oil company of Saudi Arabia, is the largest oil corporation in the world and the world's largest in terms of proven crude oil reserves and production. ") for an initial installation of FOX-TEK's fiber optic monitoring system at Saudi Aramco's Abqaiq gas processing plant. This installation is designed to allow Saudi Aramco to validate FOX-TEK's monitoring system within Saudi Aramco's gas processing and refinery infrastructure. About Saudi Aramco Saudi Aramco's operations span the globe and the energy industry. The world leader in crude oil production, Saudi Aramco also owns and operates an extensive network of refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar and distribution facilities, and is responsible for the gas processing and transportation installations that fuel Saudi Arabia's industrial sector. An array of international subsidiaries and joint ventures, including one of the world's largest and newest fleet of supertankers, deliver crude oil and refined products to customers worldwide. About Fiber Optic Systems Technology Established in 2000, FOX-TEK has developed patented fiber optic sensing products that deliver a cost-effective solution for companies to continually monitor their critical infrastructure and detect and prevent high-consequence or catastrophic occurrences. The company's primary market is the global oil and gas industry, for the monitoring of pipelines and refineries. In addition to its monitoring systems, FOX-TEK delivers a full range of professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. to its customers, including engineering design services, training, supervision of on-site installation and turnkey fiber optic sensing systems. FOX-TEK is headquartered in Toronto, Ontario and is traded on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol "FOX". This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. and other regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . 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 does not accept responsibility for the adequacy or accuracy of this release. |
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