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U.S. Coast Guard Issues Blanket Purchase Agreement to Offshore Systems International
Vancouver, Canada - October 23, 2001 - Offshore Systems International Ltd. (TSE: OSI), a marine electronic navigation company with a strong defense niche, announced today that the United States Coast Guard has issued a Blanket Purchase Agreement for Electronic Charts and Charting Services with Offshore Systems.
The Blanket Purchase Agreement is a special contracting mechanism that works in conjunction with Offshore System's listing on the U.S. General Services Administration Federal Supply Schedule. Under the Blanket Purchase Agreement competitive bids are not required on a purchase-by-purchase basis when the Coast Guard orders Offshore products and services listed on the Federal Supply Schedule.
This new agreement commences immediately and continues for four years, and estimates, although does not guarantee, approximately US$500,000 (C$750,000) in annual purchases by the U.S. Coast Guard from Offshore during the term of the agreement. Significant new orders placed under the Blanket Purchase Agreement will be announced by Offshore Systems as they happen.
"We're very pleased that the U.S. Coast Guard has chosen to implement this new purchasing arrangement with Offshore Systems," said John Jacobson, President and Chief Executive Officer of Offshore Systems. "The Federal Supply Schedule program, which we joined in February 2001, allows companies and government to team up for greater efficiency in procurement and delivery, and that's exactly what we've done. The Blanket Purchase Agreement will reduce paperwork and time delays in processing new orders. We anticipate that the U.S. Coast Guard will use this mechanism to make future chart and chart service purchases from Offshore."
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
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Jane Hayward
Investor Relations |
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