Fiber Optic Systems Technology, Inc.
TSX VENTURE : FOX

Fiber Optic Systems Technology, Inc.

June 28, 2011 17:51 ET

FOX-TEK Announces Q1 Results

TORONTO, ONTARIO--(Marketwire - June 28, 2011) - Fiber Optic Systems Technology, Inc. ("FOX-TEK"), (TSX VENTURE:FOX), a developer and manufacturer of patented non-intrusive sensing systems, today announced its first quarter results from operations.

The unaudited interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). The interim financial statements are the first financial statements of FOX-TEK that have been prepared under IFRS in accordance with IAS 34, Interim Financial Reporting. As these interim financial statements are for a portion of the period covered by the first IFRS consolidated annual financial statements, FOX-TEK has applied IFRS 1, First-time Adoption of International Financial Reporting Standards.

During this period revenue totaled $871,000, operating expenses were $429,000 and loss from operations was $179,000.

About Marcon, FOX-TEK:

Marcon is an Ontario based, industrial supply contractor servicing the energy sector and a number of US Government entities. Marcon's principal business is the sale and distribution of industrial parts and equipment (Electrical, mechanical and Instrumentation.) In addition to departments and agencies of the U.S. Government, Marcon's major clients include Saudi Arabia-Sabic Services (Refining and Petrochemical), Bahrain National Gas Co, Bahrain Petroleum, Qatar Petroleum, Qatar Gas, Qatar Petrochemical, Gulf of Suez Petroleum, Agiba Petroleum and Burullus Gas Co.

"FOX-TEK" develops 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, strain due to bending/buckling, and process pressure and temperature. FOX-TEK's FT fiber optic sensor and PinPoint systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.

Marcon, FOX-TEK have offices in Oakville and Toronto, Ontario and Calgary, Alberta; 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.

Investors are cautioned that, except as disclosed in the Filing statement currently posted on SEDAR and prepared in connection with the transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of FOX-TEK should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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