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Canadian Navy Orders Systems from Offshore Systems International
Vancouver, Canada - October 16, 2001 - Offshore Systems International Ltd. (TSE: OSI), a niche military contractor headquartered here announced today that the Canadian Navy placed a new order for ECPINS® Systems worth more than $US300,000 ($CDN450,000) to Offshore to support urgent operational requirements on board Navy ships deploying as part of Canada's contribution to the international war on terrorism.
"The Canadian Navy is one of Offshore's long-time customers and supporters, and we're proud to be a part of this important mission," said Mr. John Jacobson, President and Chief Executive Officer of Offshore Systems. "These systems are our latest technology, and will provide navigational capabilities for the Navy that are the best in the world. An important factor for the Navy was our ability to respond quickly to their needs and field complete systems within a few days of the initial enquiry. Complete systems will be manufactured, installed and set to work within ten days of the initial enquiry."
For competitive reasons, the precise mixture of products ordered will not be disclosed, Mr. Jacobson said.
Offshore Systems International Ltd.
Founded in 1977, Offshore Systems designs, develops and markets the proprietary 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. Offshore Systems has developed a strong market position in military navigation, and has ECPINS® systems deployed with the United States Coast Guard, the Canadian Navy, the Royal Danish Navy, and the United States Navy.
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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