Court rules Fiber Optic Systems subsidiary to pay $260,000 to IRT Oil

Posted In: Manufacturing

By The Associated Press

Friday, November 27, 2009

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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.

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