|
|  |
 |
Offshore Systems International receives further orders from Canadian and Danish navies
Additional $1,430,000 in navigation system sales and support
Vancouver, Canada -- Offshore Systems International Ltd. (OSI) (TSX:OSI, OTCBB:OFSYF) announced that its systems division, Offshore Systems Ltd. (OSL), has received follow-on orders from the Canadian and the Danish navies worth CDN $1,430,000. The orders are for additional services, equipment, and upgrades related to the navies' fleet-wide deployment of Offshore's proprietary ECPINS®-M (Electronic Chart Precise Integrated Navigation System - Military).
"These orders confirm our strong working relationship with our military customers," said John Jacobson, President and CEO of OSI. "Our strategic focus on the military market is generating success. In March, we announced that OSL had been short-listed for two new international military customers. We continue to pursue new opportunities aggressively."
The orders stem from two initial agreements announced in 2001. In August 2001, the Royal Danish Navy committed to equipping its fleet with ECPINS-M. In November 2001, the Canadian Navy chose to deploy ECPINS-M on its supply ships, destroyers, maritime coastal defense vessels, and the new Victoria Class submarines. The Canadian Navy has made ECPINS-M the standard electronic navigation system on all its ships. More recently, OSL announced a contract with the Canadian Navy to enhance ECPINS-M with specialized features for submarine navigation.
About ECPINS
ECPINS® (Electronic Chart Precise Integrated Navigation System) is the world's leading system for the safe navigation of ships. ECPINS meets international safety and quality standards, including ISO 9000 and the International Maritime Organization's (IMO) standards. ECPINS gives ship navigators a precise, real-time display of position and progress on electronic charts. Today, ECPINS is on active duty on ships of the Canadian, US, and Royal Danish navies and of the US and Canadian Coast Guards. ECPINS means safer ships, efficient operations, and effective missions.
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.
|
|
 |
 |
Jane Hayward
Investor Relations |
|
|
| Phone: (613) 287-8004 |
 |
|
| Toll-Free: (888) 880-9797 |
|
|
|
| Send an email |
|
|
|
|
|
|
| |
|
|
|
