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Offshore Systems Announces Sale to Canadian and Danish Navies
$850,000 in Follow On Orders
Vancouver, Canada - December 19, 2002 - Offshore Systems International Ltd "OSI" (TSX:OSI; OTCBB:OFSYF), today announced orders totalling $850,000 from follow on business from the Canadian Navy and the Royal Danish Navy.
"Both the Canadian and Danish navies have been instrumental in our success, and have proven to be exceptional partners in the development of our current and future products," said John Jacobson, President and CEO of OSI. "We value our status as a proven supplier to this market and expect to maintain that status as navies continue to update and enhance their fleet's navigation and command and control systems."
These latest orders stem from initial agreements reached in the second half of 2001 with both navies. The Danish Navy contract for $5,000,000 announced in August of 2001, was to equip the entire Danish fleet with customised installations of ECPINS® for each ship class. The Canadian Navy contract for $4,800,000 announced in December 2001, was the third fleet upgrade purchased by the Navy and saw the addition of both the Maritime Coastal Defence fleet and the new Victoria Class Submarines.
OSI, which has reported record year to date revenue and profits in 2002, continues to maintain its record of success on fleet navigation system orders. The company is building on its strong market position with repeat orders from existing customers, while breaking new ground in the US and international market place. While the marine navigation business will drive revenue, growth will also be stimulated from the Company's recent and successfully launched full service hydrographic and land-based mapping division, OSI Geomatics.
About 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 Canadian and United States Coast Guards, 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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