Fiber Optic Systems Technology, Inc.
TSX VENTURE : FOX

Fiber Optic Systems Technology, Inc.

October 24, 2005 09:00 ET

FOX-TEK Announces Agency Agreement for Africa

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2005) - Fiber Optic Systems Technology, Inc. (the "Company" or "FOX-TEK") (TSX VENTURE:FOX), a developer of patented fiber optic sensing products, today announced that it has entered into an agreement with IRT Oil and Gas Limited, based in Nigeria, to provide marketing and sales, engineering and field support to the continent of Africa.

IRT Oil and Gas Limited is led by Chairman Dr. Jackson E. Gaius-Obaseki, who has 32 years of experience in all aspects of the oil and gas industry including his former role as Group Managing Director of the Nigerian National Petroleum Corporation. Dr. Gaius-Obaseki also currently serves as Chairman of UTC Engineering Limited. His experience and extensive contacts will help him advance FOX-TEK sales in Africa. Dr. Gaius-Obaseki said, "I am very excited about FOX-TEK's solutions because of their ability to predict failures and thereby help oil and gas companies better manage the costs and risks related to failures. If you can predict it, you can manage it."

Nigeria is the gateway to Africa's burgeoning oil and gas industry. It is the largest oil producer in Africa and its gas reserves make it one of the top 10 natural gas "locations" in the world and the largest in Africa. The appointment of IRT as FOX-TEK's agent in Africa provides FOX-TEK a credible partner in pursuing opportunities with the Nigerian National Petroleum Corporation and other key African oil and gas companies.

Gary Jolly, FOX-TEK President and CEO said, "The partnership with IRT and Dr. Gaius-Obaseki provides FOX-TEK with strategic and effective representation in one of the world's major oil and gas producing regions. It is a significant addition to our growing global sales and operations support infrastructure."

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 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 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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