FOX-TEK Announces Installation of Second Test System with Saudi Aramco.TORONTO -- Fiber Optic Systems Technology, Inc. (the "Company" or "FOX-TEK")(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:FOX), a developer of patented fiber optic sensing products, announced today that it has successfully implemented a second operating field test installation with 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. . This second installation is at Aramco's vast Riyadh refinery and joins the first installation at the Abqaiq processing plant. The Riyadh installation is particularly notable because it occurred while the refinery remained in operation at a temperature of 250 degrees Fahrenheit. The ability to install the FOX-TEK system without requiring a refinery shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down is singular evidence that the system performs well in real world conditions. The system is fully functional and is currently taking readings. By implementing the Riyadh installation before completion of the first field test project at Abqaiq, Aramco has chosen to extend and accelerate its relationship with FOX-TEK. Said Gary Jolly, FOX-TEK President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "Testing our technology under operating conditions with Saudi Aramco, the world's largest integrated oil and gas company, is the best showcase of the FOX-TEK system we could ask for. Also, by having installations at two separate and different operations, the system's multiple applications are clearly demonstrated." Although the field test installations produce nominal revenue, they are crucial steps in the full commercialization of FOX-TEK's new technology. FOX-TEK anticipates that results will be available during the fourth quarter 2005. 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 managements' 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 has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this press release. Fiber Optic Systems Technology, Inc. (TSX VENTURE:FOX) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion