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Offshore Systems International's ECPINS® Receives IMO ECDIS Type Approval
Vancouver, Canada - July 17, 2002 -- Offshore Systems International Ltd. (TSX: OSI), a marine electronic navigation company with a strong defense niche, announced today that it has received Type Approval of its ECPINS® product line as an International Maritime Organization standard Electronic Chart Display and Information Systems (ECDIS).
"We're very pleased to have received Type Approval for ECPINS®, and in particular for our military product ECPINS-M," said John Jacobson, President and CEO of the company. "While the world's navies are exempt from the international conventions governing navigation equipment for commercial vessels, our naval customers chose to work with us to gain ECDIS Type Approval for their highly specialized ECPINS-M systems. ECPINS-M is now in the unique position of being a high-end military navigation tool and with unequaled data-handling capability wrapped up in a Type Approved package. This makes it an even more attractive system to the world's navies. It also allows Offshore to offer its enhanced navigation tool set to commercial fleet operators, many of whom have been holding off committing to ECDIS implementation."
The International Maritime Organization published its ECDIS standard, A.817(19), in 1995; and the International Electrotechnical Commission published its ECDIS test standard, IEC61174, in 1998. ECPINS® was tested and has been certified to comply with the latest editions of these and other related standards by the Federal Maritime and Hydrographic Agency of Germany (BSH), one of a small number of testing laboratories world-wide that are authorized to issue these certifications.
Offshore Systems International Ltd.
Founded in 1977, Offshore Systems designs, develops and markets the proprietary 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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