Fiber Optic Systems Technology, Inc.

Fiber Optic Systems Technology, Inc.

June 03, 2005 10:06 ET

FOX-TEK Announces Grant of Options to Directors

TORONTO, ONTARIO--(CCNMatthews - June 3, 2005) - Fiber Optic Systems Technology, Inc. (the "Company" or "FOX-TEK"), (TSX VENTURE:FOX) a developer of patented fiber optic sensing products, today announced the grant of incentive stock options to its non-management directors.

FOX-TEK has granted an aggregate of 190,000 options exercisable at $1.00 per share for five years to the non-management directors of FOX-TEK. The options vest in four equal quarterly instalments on September 2, 2005, December 2, 2005, March 2, 2006 and the day immediately preceding the 2006 Annual General Meeting of the Corporation. Following the grant of these options, FOX-TEK has 35.1 million common shares outstanding on a fully-diluted basis. Prior to this grant, there were 332,609 shares available for the issue of options under the Company's stock option plan.

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.

Canadian Office: U.S. Office:
Fiber Optic Systems Technology, Inc. 850 Penns Way
4580 Dufferin Street, Suite 402 West Chester, Pennsylvania
Toronto, Ontario 19382
M3H 5Y2

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