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Offshore Systems International Awarded $1 Million Order by United States Coast Guard
Vancouver, Canada - December 13, 2001 - Offshore Systems International Ltd. (TSE: OSI), a marine electronic navigation company with a strong defense niche, announced today that it has been awarded an order by the United States Coast Guard. The contract value to Offshore Systems is approximately CDN $1.0 million (US $650,000) and delivery is scheduled in 2002.
The order is another in a series of orders for ECPINS® (Electronic Chart Precise Integrated Navigation System) systems, charts and services for the U. S. Coast Guard's Juniper class seagoing buoy tender construction program.
John Jacobson, President and CEO of Offshore Systems, said: "The U.S. Coast Guard is a long-time user of ECPINS® systems in its buoy tending fleet. This latest order reflects our company's commitment to quality, service and customer satisfaction in highly demanding and critical applications. Offshore's long-term relationship with the U.S. Coast Guard also reflects our company's leadership position in the naval electronic charting field."
The U.S. Coast Guard uses Offshore's ECPINS® on its Keeper and Juniper Class Seagoing buoy tending vessels. These vessels are highly specialized and perform very complex missions in waters that are often shallow and rocky. Buoy-tending crews make navigation safer for other ships by positioning the marker buoys that identify hidden hazards and guide other mariners. The ECPINS® on these vessels are customized to support this mission and ensure that navigational aids are precisely positioned. Once the mission parameters are entered, ECPINS® interfaces with over 800 inputs on the ship and actively maintains the vessel's position by feeding data to the ship's dynamic positioning system.
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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For more information contact:
Jane Hayward
Investor Relations
+1 613 287 0462 or +1 888 880 9797
+1 613 287 0466 (FAX)
invest@osigeospatial.com
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