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OSI Announces Launch of New Product
COP-IDS™ to integrate land, air, sea and space data
Vancouver, Canada - February 25, 2003 - Offshore Systems International Ltd. (OSI) (TSX:OSI; OTCBB:OFSYF), announces the launch of COP-IDS, a client server application that allows customers to integrate OSI's mapping and imagery display technology into existing Command and Control (C2) systems rapidly and cost effectively.
COP-IDS™ stands for Common Operational Picture - Image Display Server, and it is designed to meet the emerging requirements for our international fleets to be able to operate from and share common tactical data in the field. COP-IDS™ allows our customers to share data across C2 systems, regardless of the systems in use.
"COP-IDS™ is our first C2 product that addresses the needs of not only Navy applications but includes Army and Air Force as well," said John Jacobson, President and CEO of OSI. "Early market reaction to the product has been extremely positive and we are very excited at the prospects this new market brings to OSI."
The launch of COP-IDS™ follows highly successful market trials that resulted in subsequent sales of prototype systems to two of OSI's strategic military partners, Lockheed Martin (US) and Terma (Denmark). Commercial roll out will occur in mid 2003 with revenue expected as early as 2004. It is estimated that nations will spend approximately $2.5 billion US in this sector of defence over the next 15 years.
This latest milestone for OSI further enhances its already impressive and growing suite of products and services. The Company launched its first non-marine application products in 2002 and will continue to diversify as customer's needs continue to grow. While the marine navigation business will drive short-term revenue, growth will also be stimulated 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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For more information contact:
Jane Hayward
Investor Relations
+1 613 287 0462 or +1 888 880 9797
+1 613 287 0466 (FAX)
invest@osigeospatial.com
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