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OSI Announces $1,500,000 in New Geomatics Contracts; COP-IDS™ Sales into Military Command & Control Systems
Vancouver, Canada -- Offshore Systems International Ltd. (OSI) (TSX: OSI, OTCBB: OFSYF) announced that its nautical charting and land-mapping division, OSI Geomatics, has received new orders worth more than CDN$1,500,000. The group of orders span the end of the company's third quarter and the beginning of the fourth quarter.
"Our data production division continues to make excellent progress," said John Jacobson, OSI's President and CEO, "and we're pleased with its growing contribution to OSI's overall business. Our navigation systems business has a number of major quotes outstanding for ECPINS products to both commercial and military customers. Our newest product, COP-IDS™, has received strong interest from Command and Control customers since we launched it in March 2003, including five initial sales to military customers."
The Geomatics contracts are for electronic nautical charting and digital land-mapping services for a combination of government, military, and private customers. OSI Geomatics provides analysis, production, and distribution of geo-spatial data for electronic display.
The mapping market
OSI management estimates that the North American mapping market for both land and nautical products is CDN$700 million (US$500 million) annually. OSI is building a sales and marketing team to pursue prime and subcontracting roles in geomatics work with country and city governments, other governmental agencies, military departments, agriculture and forestry industries, pipelines, and utilities. Initially, this team is focused on North American business opportunities.
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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