Fiber Optic Systems Technology, Inc.

Fiber Optic Systems Technology, Inc.

March 31, 2005 08:45 ET

FOX-TEK Announces Acceptance of a Purchase Order From Saudi Aramco


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIBER OPTIC SYSTEMS TECHNOLOGY, INC.

TSX VENTURE SYMBOL: FOX

MARCH 31, 2005 - 08:45 ET

FOX-TEK Announces Acceptance of a Purchase Order From
Saudi Aramco

TORONTO, ONTARIO--(CCNMatthews - March 31, 2005) - Fiber Optic Systems
Technology, Inc. (TSX 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") 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 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 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 under the symbol "FOX".

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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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Fiber Optic Systems Technology, Inc.
    Gary Jolly
    President and Chief Executive Officer
    (416) 665-2288
    Email: gjolly@fox-tek.com
    Website: http://fox-tek.com
    or
    Canadian office:
    Fiber Optic Systems Technology, Inc.
    4580 Dufferin Street, Suite 402
    Toronto, Ontario M3H 5Y2
    (416) 665-2288
    or
    US Office:
    Fiber Optic Systems Technology
    850 Penns Way
    West Chester, Pennsylvania 19382
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.