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Offshore Systems Common Shares Now Quoted For Trading in United States
Vancouver, Canada - October 30, 2002 -- Offshore Systems International Ltd. (TSX:OSI), a marine electronic navigation company with a strong defense niche, announced that starting today the Company's common shares will be quoted for trading in the United States on the Over The Counter Electronic Bulletin Board, under the ticker symbol: OFSYF.
"Offshore conducts important and recurring business in the United States and has a loyal following of investors in America," said John Jacobson, President and CEO of Offshore. "Now that our shares are quoted for trading in the United States as well on as the Toronto Stock Exchange, Offshore's stock becomes more accessible to a much broader base of U.S.-based investors."
In addition to complying with Canadian securities regulations and disclosure requirements, Offshore Systems is now also governed by U.S. laws and by the U.S. Securities and Exchange Commission regulations applicable to Canadian issuers. Offshore Systems will be filing material financial and business information with the S.E.C.
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® is designed, developed and marketed by Offshore Systems Ltd., a wholly-owned subsidiary. 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. OSI Geomatics Ltd., a wholly-owned subsidiary, produces and markets both land and nautical mapping products for the military, governmental and commercial marketplace in North America.
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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| Phone: (613) 287-0462 |
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| Toll-Free: (888) 880-9797 |
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