Fiber Optic Systems Technology, Inc. ("FOX-TEK"), (TSX-V: FOX), a developer and manufacturer of patented non-intrusive sensing systems, today announced Q2 results from operations and the grant of options to its Board of Directors.
FOX-TEK reported revenues of $155,000 compared to $445,000 in the same quarter of 2007. The decrease reflects the installation of a large system in Russia in 2007 which was not repeated in 2008. The net loss for Q2 2008 was $1,359,000 or $.03 per share, compared to a net loss of $1,273,000 or $.04 per share in the same quarter 2007.
"The number of systems that we were able to get completely installed and recognized as revenue during Q2 was disappointing, however we currently have 5 FT systems and 5 PinPoint systems, either installed or scheduled for installation by the end of Q3." said Sean Carr, Interim President of FOX-TEK. "Our products are beginning to get some traction with a number of repeat customers."
Effective August 12, 2008, FOX-TEK has granted a total of 660,000 options to the directors. The options have an exercise price of $0.16, being the closing price of FOX-TEK's shares on August 12, 2008. For new directors, some of their options vest in four equal quarterly installments and the remaining options vest in six equal quarterly installments. All the options will expire five years from the date of grant. -- www.cnxmarketlink.com
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