|
|  |
 |
Offshore Systems Announces a Memorandum of Agreement with Terma A/S of Denmark for Naval Command and Control Product Development
Vancouver, Canada - March 19, 2002 - Offshore Systems International Ltd. (TSE: OSI), a marine electronic navigation company with a strong defense niche, announced that it has signed a memorandum of agreement with the leading Command and Control Systems company Terma A/S of Denmark. The non-exclusive agreement will lead to the joint development of a new Electronic Chart system product for Command and Control applications to meet specific Royal Danish Navy requirements.
"We're very pleased to be working with Terma," John Jacobson, President and CEO of Offshore Systems said. "Offshore Systems, through its ongoing business relationships with key NATO navies, identified an opportunity to expand our electronic chart technology into specialized applications in Naval Command and Control. Teaming with Terma is a first step towards a new range of products based on core ECPINS® technology that will give Offshore Systems an entrée into an untapped market."
Details of the new product, its functions and pricing are confidential to the two companies.
ECPINS-M is Offshore Systems' electronic chart navigation product 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.
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.
Terma A/S
Founded in 1949, Terma is the leading contractor in Denmark within a host of defence-related applications. For naval applications, Terma's tactical C3I systems are now moving into a third generation using modern computer and software technology. Terma also develops C3I systems for air defence systems for both army and air force requirements, Air Traffic Control and Air Traffic Management as well as structures and EW & RECCE systems for aircraft, and space applications.
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.
|
|
 |
 |
Jane Hayward
Investor Relations |
|
|
| Phone: (613) 287-0462 |
 |
|
| Toll-Free: (888) 880-9797 |
|
|
|
| Send an email |
|
|
|
|
|
|
| |
|
|
|
|
