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OSI Geomatics Announces First Million-Dollar Contract Win
Large US mapping company contracts land mapping project to OSI Geomatics
Vancouver, Canada -- Offshore Systems International Ltd. (OSI) (TSX:OSI, OTCBB:OFSYF) announced that its nautical charting and land-mapping division, OSI Geomatics, has been awarded a contract by a large US mapping company valued at over CDN$1,000,000.
Under the contract, OSI Geomatics will provide data production services in support of a state-wide mapping project.
"This first million-dollar contract for OSI Geomatics is a ringing endorsement of our approach to land- mapping work," said John Jacobson, President and CEO of OSI. "When we set out with this new division late last year, our strategy was to apply the project management skills, quality of work, and digital expertise we had built in nautical charting to land mapping. We're very pleased with our progress."
Digital technology drives land mapping
Digital technology, in particular GPS (Global Positioning System) and GIS (Geographic Information Systems), is driving growth in the production of land maps. Compared to paper, digital maps now bring greater precision, flexibility, and a broader range of applications. As a result, demand is increasing for up- to-date digital land maps at every scale: from residential lots to transport networks to states. Major users include country and city governments, the military, agriculture and forestry companies, pipelines, and utilities. Initially, OSI Geomatics is focusing on North America, where management estimates potential annual revenue from both land-map and nautical-chart products could be as much as CDN$800 million. Of this market, the division's goal for 2003 is to capture a share of at least a one-half-percent, which would generate revenues of about of CDN$5 million.
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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