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Offshore Systems International announces closing of private placement
Vancouver, Canada -- Offshore Systems International Ltd. (TSX: OSI/OTCBB: OFSYF) today announced the closing of the Company’s private placement (the "financing") for gross proceeds of CDN$19.5 million initiated March 8, 2005. OSI received shareholder approval for the financing by more than 97 per cent of the votes cast at its annual general meeting held in Vancouver on April 8, 2005.
"We are very excited about the opportunities this opens up for OSI," said John Jacobson, President and CEO. "Our record of success, our solid management team, our move into a market sector with tremendous room for growth made the financing possible. We now have the resources to pursue larger contracts and acquisitions that will help realize our Company’s significant potential."
Previous details on the financing are contained in the Company’s press releases dated March 8, April 5 and April 8, 2005 available on the Sedar website at www.sedar.com or the Company’s website at www.osil.com.
About Offshore Systems International Limited
Offshore Systems International Ltd. (OSI) is the pioneer in geospatial intelligence and the world leading fleet supplier of electronic chart systems and software for navigation and situational awareness in NATO and allied markets. The Company’s core competency is electronic geography and the production, management and display of many forms of geographic data. The Company provides display systems and data for several defence, government and commercial customers, and conducts its operations through three business units: OSI Navigation Systems (moving map display systems and software), OSI Applications (situational awareness products and services for command and control systems) and OSI Geomatics (digital map and electronic chart data production services: land and marine). OSI’s common shares are listed for trading on the Toronto Stock Exchange (TSX: OSI) and the OTC Bulletin Board (OTCBB: OFSYF). Please visit OSI’s website at www.osil.com for more information and the latest Company updates.
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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| Phone: (613) 287-0462 |
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| Toll-Free: (888) 880-9797 |
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