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Offshore Systems Announces Canadian Navy Contract for Submarine Navigation Systems
Vancouver, Canada - April 1, 2003 - Offshore Systems International Ltd (OSI) (TSX:OSI / OTCBB:OFSYF), announced that its Systems Division, Offshore Systems Ltd. (OSL), has received a contract from the Canadian Navy to develop submarine navigation systems for deployment on the Canadian Navy's Victoria Class Navy submarines.
"We're very proud that the Canadian Navy has come to us with this challenging requirement," said John Jacobson, President and CEO of OSI. "Submarine navigation is complex as the boat has no contact with GPS satellites when it's submerged, and because the navigation hazards change as it dives deeper. ECPINS is the leading electronic chart navigation product for military use, and it is in active service on naval surface ships around the world. Through this contract, we will develop the capability to meet the naval submarine community's needs as well. This is a new and untapped market for us."
Under the development contract, OSL is adding submarine navigation functions to its proprietary ECPINS® system, providing the Canadian Navy with a fully functional and certified submarine navigation system. With the addition of submarine functionality, ECPINS will be a more robust system, further differentiating OSL in the market place from its competitors.
OSI recently reported record results for its last fiscal year. This strong performance reflects the success of its strategy of technological leadership in its products, long-term customer relationships with naval customers in Canada, the United States, and Europe, and strong marketing partnerships with industry leading firms like Furuno, Nautronix and Lockheed Martin. The Company is building balanced growth, driven both by revenue from its established marine navigation business, as well as new revenue from the Company's recent and successfully launched full service hydrographic and land-based mapping division, OSI Geomatics.
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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