Argentina refinery installs FOX-TEK PinPoint system
posted on
Jun 25, 2009 12:19PM
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TSX Venture Exchange symbol: FOX
TORONTO, June 25 /CNW Telbec/ - Fiber Optic Systems Technology, Inc. ("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented non-intrusive sensing systems, today announced the sale and installation of a PinPoint system in a major Argentina oil refinery. The system will precisely measure cumulative wall loss in a critical piping component as refinery product moves through it at over 300(degrees)C. Early warning of excessive damage to the piping enables the plant operators to plan for timely maintenance and avoid upsets.
Mr. Sam Cauchi, Director of Sales for FOX-TEK said, "This is the first sale of a PinPoint System that was made through one of our affiliated service providers and represents another indicator of acceptance of our product by the oil and gas industry." The key to receiving subsequent multi-system orders is installing systems, with many different customers; so that we increase the probability our systems will detect harmful corrosion activity. Once this happens, our customers will very clearly see our value proposition.
Dr. Don Morison, Chief Technology Officer, added "This installation was very difficult due to the remoteness of the refinery, but also exhibits one of the great benefits of our technology; that being, the ability to continuously monitor the corrosion activity in a refinery which is half a world away."
About FOX-TEK:
Fiber Optic Systems Technology, Inc. "FOX-TEK" develops and sells 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, monitor strain due to bending/buckling or soil movement, check for leaks, and prevent unauthorized access.
FOX-TEK has offices in Toronto, ON; Calgary, AB. 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.
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