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U.S. Coast Guard Places New Orders With Offshore Systems International
Vancouver, Canada - October 31, 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 several new orders worth approximately $US 525,000 ($C800,000) to Offshore under the recently announced Blanket Purchase Agreement and other contracting mechanisms.
The new orders are for a mix of Electronic Chart Systems, Electronic Charts, and various services related to Electronic Charts.
"The U.S. Coast Guard is one of Offshore's long-time customers, and we're proud to support them in their mission," said John Jacobson, President and Chief Executive Officer. "These new contracts will broaden their capabilities for electronic navigation in U.S. domestic waters, and the system components will enhance their capabilities to the highest levels of our product range."
For competitive reasons, the precise mixture of products on order will not be disclosed, John 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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