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OSI completes agreement to supply electronic navigation systems to Portuguese Navy
Vancouver, Canada — Offshore Systems International Ltd (OSI) (TSX: OSI / OTCBB: OFSYF) announced today that it has signed the subcontract agreement to supply ECPINS® electronic navigation systems to the Portuguese Navy. The contract is valued at approximately CDN$700,000. OSI’s partner in Portugal and the prime contractor for the installation is SICOM—Sistemas de Comunições, Lda, of Lisbon, Portugal.
“We would like to thank SICOM for their efforts and guidance during this process,” said John Jacobson, President and CEO of OSI. “This win further strengthens OSI’s position as the leading supplier of electronic navigation systems to the NATO naval community, and we are optimistic that this base contract will create the opportunity for substantial new revenue opportunities in Portugal over the next several years.”
OSI first announced its selection by the Portuguese Navy in July, 2004. Under the terms of the final agreement, OSI will supply and install approximately 30 of its base-specification ECDIS systems, which will replace the paper charts currently being used by the Navy. The systems will help support the Navy’s environmental protection activities by significantly improving navigation safety and efficiency.
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 defence, 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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