By The Associated Press
Friday, November 27, 2009
A U.K court has ordered a Canadian subsidiary of Fiber Optic Systems Technology Inc. (TSXV:FOX) pay $262,000 in a legal dispute with IRT Oil and Gas.
The judgement which ruled in favour of IRT relates to the early termination of a 2005 distribution agreement between the two companies.
Fiber Optic said its board and management will be reviewing a range of options related to the judgement.
Fiber Optic develops non-intrusive monitoring sensor systems for the oil and gas sector. It has offices in Toronto and Calgary.