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OSI Geomatics awarded prime contract with city of Corvallis, Oregon
Vancouver, Canada -- Offshore Systems International Ltd. (OSI) (TSX: OSI / OTCBB: OFSYF) announced today that OSI Geomatics, a unit of OSI, was awarded a prime contract for land mapping by the city of Corvallis, Oregon.The project will provide new feature data for the city’s Geographical Information System (“GIS”). OSI will manage the acquisition of new aerial photography, the update and conversion of existing topographic maps and other data, and provide a seamless integration with the existing GIS system.
“We are very pleased that OSI Geomatics has been chosen by the city of Corvallis to lead the execution of this work at a pivotal stage in their long term GIS plan.” said John Jacobson, President and CEO of OSI. “One of our key priorities this year is to secure prime contracts in Geomatics. This is our tenth prime contract award since we began leading bids for state and local government work in early 2003. Although these are smaller contracts, they provide the important customer references we need to secure larger prime contracts as they come to market.”
What is GIS?
A typical Geographical Information System within a local government enterprise will provide city managers and staff with technology tools to create, edit, manage, display and analyze geographic feature data, expanding their ability to manage infrastructure or resources and plan local development.
The North American mapping market
OSI estimates that the North American mapping market, for both land and nautical products, is USD $500 million annually. OSI has built a sales and marketing team to pursue both prime and subcontracting roles in geomatics work with city, county, other government agencies, military departments, agricultural and forestry industries, pipelines and utilities.
About Offshore Systems International Limited
Offshore Systems International Ltd. (OSI) was founded in 1977 and is a leader in delivering products and systems for situational awareness. The company provides display systems and geo-spatial data within mission-critical applications for several defense and commercial customers. OSI conducts its operations through three business units: Geomatics (data production and distribution), Navigation Systems, and Applications (products and services for command and control systems). OSI's common shares are listed for trading on the Toronto Stock Exchange (TSX: OSI) and OTC Bulletin Board (OTCBB: OFSYF). For more information, please visit www.osil.com.
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-looking 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, and industry supply.
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Jane Hayward
Investor Relations |
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