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OSI Announces Sale to City of Ottawa
First for recently launched Geomatics Division
Vancouver, Canada - March 5, 2003 - Offshore Systems International Ltd (OSI) (TSX:OSI / OTCBB:OFSYF), through its wholly-owned subsidiary, OSI Geomatics Ltd., announced that it has won a contract with the City of Ottawa to produce land information critical to the planning and management of city infrastructure in the Nation's capital.
"We are very pleased with this contract award for our new Geomatics unit. OSI had record results in 2002, we just announced a sizeable financing, and we're aggressively building the company's business. The geomatics business is a great expansion for us because the bidding and award cycle for geomatics contracts is much shorter than the defense industry contract cycle," said John Jacobson, President and CEO of OSI. "This product family is expected to help smooth our revenue stream which has traditionally been driven by the longer sales cycle of our core military systems."
The contract, estimated at approximately $120,000 CDN, represents the first prime contract win for OSI Geomatics and establishes the Company as an aggressive player in the civic market. Under terms of the contract, OSI Geomatics will produce topographic land mapping information to assist key decision makers in planning and managing Ottawa's infrastructure.
While sales from the marine navigation business continues to drive revenue, growth will also be stimulated from the Company's recently launched OSI Geomatics full service hydrographic and land-based mapping division.
About Offshore Systems International Limited
Offshore Systems International Ltd. (OSI) provides precise electronic display systems and geo-spatial data for situational awareness. Founded in 1977, OSI maintains a position of technological leadership in its field, a record appreciated by military, government, and commercial customers around the world. OSI conducts its operations through two business units: Offshore Systems Ltd. provides systems for the dynamic display of geo-spatial data for mission-critical operations such as fleet navigation; and OSI Geomatics which provides analysis, production, and distribution of geo-spatial data for electronic display. OSI is listed on the Toronto Stock Exchange (TSX:OSI) and in the United States of America on the Over the Counter Bulletin Board (OTCBB:OFSYF).
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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