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Offshore Systems International Ltd. Receives Order from the United States Navy
North Vancouver, British Columbia (September 24, 2001): John Jacobson, President and Chief Executive Officer of Offshore Systems International Ltd. (TSE: OSI) ("Offshore"), is pleased to announce that the United States Navy has ordered two ECPINS systems for field trials. The systems were ordered by the Naval Sea Systems Command ("NAVSEA").
"We are very pleased that NAVSEA has purchased systems for deployment afloat." said Jacobson. "ECPINS is an impressive product, and it's always at its best when it's being used on a ship to do the navigation job it was built for. These systems are in direct support of a broader program that we're very excited to be part of. For competitive reasons, we're not releasing the exact customer or the pricing."
United States Navy Naval Sea Systems Command
The largest of the Navy's five systems commands, Naval Sea Systems Command engineers, builds and supports America's Fleet of ships and combat systems. Accounting for nearly one-fifth of the Navy's budget (approximately $20 billion), NAVSEA manages more than 130 acquisition programs, which are assigned to six affiliated Program Executive Officers (PEOs) and various Headquarters elements. NAVSEA's world class team of professionals provide virtual support anywhere and anytime to ensure the Fleet remains ready and capable - operating around the globe.
Offshore Systems International Ltd.
Founded in 1977, Offshore designs, develops and markets the ECPINS (Electronic Chart Precise Integrated Navigation System) line of electronic chart navigation systems for ships. ECPINS helps to reduce the risk of navigation related incidents by giving bridge crews a precise, real-time display of their position, course and speed, against a background of fixed obstacles and other navigational hazards. The marine industry puts the highest priority on safety of operation and independent studies have shown that ECPINS can contribute significantly to reducing the risk of navigation related shipping incidents.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws including Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, OSI's analysis of opportunities in the acquisition and development of various project interests and other matters. These statements are made under the 'safe harbour' provisions of the Private Securities Litigation Reform Act of 1995 and, as such, involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Although Offshore Systems International believes the expectations reflected in such forward-look statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, uncertainties associated with contract negotiations, industry supply.
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Jane Hayward
Investor Relations |
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