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Offshore Systems International completes purchase of Mapcon Mapping Consultants in United States
Vancouver, Canada -- Offshore Systems International Ltd. (TSX: OSI/ OTCBB: OFSYF) announced today it has completed the purchase of Mapcon Mapping Consultants Inc. of Salt Lake City, Utah. Mapcon is a land mapping company with a solid position in the U.S. geomatics (digital map and electronic chart data production) market. Under the terms of the agreement, OSI purchased all of the shares of Mapcon from its shareholders for cash.
Mapcon represents an excellent strategic fit with OSI’s Geomatics business unit and provides the Company with an operational base in the United States. Based on industry data and market studies, OSI estimates the North American mapping market (both land and marine) is approximately US$500 million annually. Mapcon is well situated to grow market share, as Utah currently ranks third highest for population growth rate in the United States. Population growth is a key driver of geomatics demand.
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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