 |
News Release |
 |
| |  |
 |
Offshore Systems International Equipping U.S. Navy Carrier Battle Groups With Electronic Navigation System
Vancouver, Canada -- October 21, 2002 -- Offshore Systems International Ltd. (TSX: OSI), a marine electronic navigation company with a strong defense niche, announced today that it received a C$450,000 (US $285,000) order for its proprietary Electronic Chart Precise Integrated Navigation System-Military (ECPINS-M) software to provide an enhanced Navigation Situational Awareness capability for certain undisclosed United States Navy Carrier Battle Groups (CBG) and their associated Amphibious Readiness Groups (ARG).
"Offshore Systems is proud to provide the next round of Situational Awareness electronic chart systems for operational deployment. This latest order is a follow-on purchase from the U.S. Navy's roll out of ECPINS-M on the USS George Washington Carrier Battle Group and the USS Nassau Amphibious Ready Group," said John Jacobson, President and CEO of Offshore Systems. The Company is delivering this new software order immediately, and expects the sale to be reflected in Offshore's fourth quarter revenue.
A CBG/ARG is a single combat unit consisting of an aircraft carrier, embarked air wing, and eight to ten escort vessels, which are part of the U.S. Navy's Atlantic and Pacific Fleets.
In 2001, the United States Navy established an interim goal to provide all deploying ships with a standard electronic charting system for improved situational awareness and to facilitate a cultural transition leading up to fleet-wide implementation. Offshore Systems continues to work closely with the U.S. Navy during this transitional phase as the Navy works toward the fleet-wide implementation of it's ECDIS-N (Electronic Chart Display & Information System-Naval) standard.
ECPINS-M is Offshore Systems' electronic chart navigation system 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.
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.
|
| |
For more information contact:
Jane Hayward
Investor Relations
+1 613 287 0462 or +1 888 880 9797
+1 613 287 0466 (FAX)
invest@osigeospatial.com
|
|
 |
|
|