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OSI Geomatics awarded prime contract with City of Brampton
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 Brampton, Ontario, in the amount of $271,000. This brings to seven the number of prime contracts OSI Geomatics has won with state and local governments in the first two months of the company’s fiscal second quarter.
“We are very pleased that OSI Geomatics has been chosen by the City of Brampton to provide land mapping services,” said John Jacobson, President and CEO of OSI. “In the first five months of 2004 we won 13 prime contracts to provide land mapping services. Our business development strategy is to build a base of reference customers to help us increase market share, and the City of Brampton is a great addition to this base. Winning additional prime contracts was a key objective for 2004, and we’re pleased that we’ve more than doubled the number of contracts won compared with 2003. As the bidding season for prime contracts starts to wind down, we’re increasing our attention to subcontracting opportunities with other prime contractors in North America.”
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 Ltd.
Offshore Systems International Ltd (OSI) is a leader in electronic geography. The company’s core strengths lie in the ability to produce, manage and display many forms of geographic data. The company provides display systems and data for several defense, government and commercial customers. OSI conducts its operations through three business units: OSI Geomatics (data production and distribution), OSI Navigation Systems, and OSI 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 the 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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