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Offshore Systems Announces Advanced Military Version of its Electronic Navigation Technology
Vancouver, Canada - March 12, 2002 - Offshore Systems International Ltd. (TSE: OSI), a marine electronic navigation company with a strong defense niche, today announced an advanced version of its proprietary ECPINS-M (Electronic Chart Precise Integrated Navigation System-Military) software technology. This technology forms the functional core of the company's ECPINS-M electronic chart system product suite.
"Offshore's latest version of it's technology enables 'inter-operability' of systems across different military forces, both within national defense organizations and between allied nations, which is a key requirement now by our allied military forces around the world," said John Jacobson, President and CEO of Offshore Systems. "This latest ECPINS-M technology embodies new concepts that enable our customers to combine background charts and mission specific data from a wide variety of organizations in different formats and use it in a seamless manner. ECPINS-M system allows allied navies on joint maneuvers to see a single integrated tactical picture of the area of operations."
ECPINS-M is Offshore Systems' electronic chart navigation software system for military and government fleets. It handles a wide variety of official chart and specialty data types, and has a number of key functions that support vessel operations in a complex mission-oriented environment. In 2001, Offshore Systems received fleet-wide orders for ECPINS-M from the Canadian Navy and the Royal Danish Navy, and initial field-test orders from the U.S. Navy. ECPINS-M is believed to be the first system to meet all of the published data requirements for the U.S. Navy's ECDIS-N (Electronic Chart Display Information System-Navy) standard, which is an integral part of the U.S. Navy's plan for fleet-wide deployment of electronic chart systems on its nearly 300 ship combatant fleet by 2004.
Offshore Systems International Ltd.
Founded in 1977, Offshore Systems designs, develops and markets the ECPINS® 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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