FOX-TEK Announces Third Quarter 2005 Results.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, today announced its third quarter financial results. The interim financial statements can be viewed at our website at www.fox-tek.com and have been filed on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com). All amounts are expressed in CAD unless otherwise noted. During the quarter, FOX-TEK substantially strengthened its corporate resources, in particular its sales and marketing infrastructure, as the Company moves toward full commercialization of its patented technology. Among the highlights of the quarter ending September 30, 2005: - The Company accepted a purchase order for an FTI-3405 instrument to ISIS Canada (Intelligent Sensing for Innovative Structures) a federal Centre of Excellence specializing in instrumenting bridge structures. FOX-TEK has been a partner with ISIS Canada on several installations involving fiber optic sensors. - Marketing contact was made with more than 75 firms. Over 20 organizations currently have projects under consideration. - J. Douglas Young Douglas Young may refer to:
named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales organization. - FOX's technology continues to gain scientific recognition as evidenced by Chief Scientific Advisor Dr. R.C. Tennyson's presentation of a paper co-authored by Dr. Eric Christiansen of NASA's Johnson Space Center at the 5th International Workshop on Structural Health Monitoring Structural health monitoring (SHM) is an upcoming technology in civil, mechanical and aerospace engineering. In the last ten to fifteen years, SHM technologies have emerged creating an exciting new field within various branches of engineering. . - $1,975,000 was raised from the conversion of warrants and the exercise of options. Financial Results For the three months ended September 30, 2005, FOX reported a loss of $693,000 or $0.03 per share, as compared to a loss of $526,000 or $0.03 per share in the comparable period of 2004. The main factor in the larger loss was an increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. incurred in advancing the Company's efforts to commercialize its technology. For the nine months ended September 30, 2005, FOX recorded a loss of $1,962,000 or $0.07 per share, as compared to a loss of $1,486,000 in the same period of 2004, or $0.11 per share. The larger loss again is attributable to higher operating expenses. 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) |
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