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Offshore Systems Continues to Receive Material New Orders This Fiscal Second Quarter
Vancouver, Canada - May 16, 2002 - Offshore Systems International Ltd. (TSE: OSI), a marine electronic navigation company with a strong defense niche, announced today that it has received C$1.3 million (US$850,000) in new orders from the U. S. Coast Guard. These new orders are for Offshore's proprietary ECPINS-M (Electronic Chart Precise Integrated Navigation System-Military) systems, and for electronic charts and chart services.
"Offshore Systems continues to expand its strong business relationship with the U.S. Coast Guard," said John Jacobson, President and CEO of the company. "The Coast Guard has been a key customer for the last eight years, and its demanding requirements have driven our product development programs to produce some of the most sophisticated electronic charting technology in the world."
"We are particularly proud that the Coast Guard is expanding its utilization of Offshore's technology into new applications. The Coast Guard has a front-line responsibility for Homeland Defense to protect U.S. ports and waterways, and they have announced substantial plans for upgrading and expanding their fleet and resources," Mr. Jacobson added.
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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