Sensor Receives $438,300 in New Work Orders

January 29, 2019 11:04 AM EST | Source: Blue Horizon Global Capital Corp.

Toronto, Ontario--(Newsfile Corp. - January 29, 2019) - Sensor Technologies Corp. (CSE: SENS) (the "Corporation"), is pleased to announce that its wholly-owned subsidiary, Sensor Technologies Inc. ("Sensor"), has received work orders for three (3) new electric field mapping systems ("EFM") from one of the Corporation's current clients which is one of North America's largest pipeline companies. The work orders received are for the client's various assets in Canada & the USA.

The work orders are part of a proposed program whereby the client will be replacing its existing systems with Sensor's EFM systems. As part of the work orders, the Corporation will provide the client with the monitoring of its various assets along with engineering field services and data analysis. The Corporation estimates that the aggregate value of the work orders is approximately $438,300 which is based on a five (5) year equipment, field services and data analysis commitment by the client.

Pursuant to the work orders, the Corporation will deploy the three (3) electric field mapping corrosion monitoring systems (the "EFM Systems") across the client's assets in Canada & USA. The client will pay a recurring fee to the Corporation to access the data gathered by the EFM Systems. The client has the ability to extend the term of the contract based on its specific needs and requirements.

"These work orders represents a new recurring revenue model for the Corporation," said Jay Vieira, the President of the Corporation. "These orders is a validation of the continuing efforts of the Corporation in offering new services and products to its existing and new clients.

About the Corporation

Sensor Technologies Corp 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. The Corporation's FT fiber optic sensor and corrosion monitoring systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.

Corporation contact:

Jay Vieira, President, CEO
Email: jay@fox-tek.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note regarding Forward-looking Statements

This news release includes certain information and forward-looking statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42523

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