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OSI awarded $1.7 million prime contract to replace the Shipboard Navigation and Plotting System (SNAPS) on Canadian submarines-- New SNAPS Replacement product represents first significant command and control systems contract for OSI
Vancouver, Canada -- Offshore Systems International Ltd. (TSX: OSI/ OTCBB: OFSYF) has been awarded a $1.7 million contract to supply an integrated submarine navigation and weapons management system for the Canadian Navy’s Victoria Class submarines. The new system will replace the existing Shipboard Navigation and Plotting System (“SNAPS”) on four submarines and at two shore-based facilities. Lockheed Martin Maritime Systems and Sensors is a key supplier to OSI for the development of these systems.
The contract, received from the Canadian Department of Public Works and Government Services on behalf of the Department of National Defence, represents a new product launch for OSI. “This contract opens up a new and exciting market for us,” said President and CEO, John Jacobson. “Virtually every submarine in the world has SNAPS on board as do many naval surface ships, and the vintage 1960s SNAPS technology is reaching the end of its life-cycle. We’re enormously pleased that the Canadian Navy will be among the first navies to procure and deploy a SNAPS Replacement system. With our existing navigation contracts for two other submarine fleets and our excellent relationships with other NATO navies, we’ll be actively marketing SNAPS Replacements containing the latest technology.”
Jacobson added the SNAPS Replacement order is an important milestone because it is the company’s first significant command and control systems contract. “It’s great to see tangible results from our strategic plan to move into command and control applications and we’re looking forward to building on this win.” OSI estimates that there are as many as 400 legacy-technology SNAPS installed around the world and prices for replacements can run as high as one million dollars, depending on each vessel’s specific requirements.
The new SNAPS Replacement system builds on the company’s world-leading technology for safe navigation and situational awareness. As a command and control system, it supports everything from weapons to vessels’ manoeuvring within a global naval task force. OSI has been investing in expanding its business into command and control for more than two years and in addition to the SNAPS Replacement initiative, it has introduced a new enterprise software product line, the Common Operational Picture Product Line, or “COP-PL” and created a new business unit, OSI Applications.
OSI is the fleet supplier to the Canadian Navy for electronic chart navigation systems.
About Offshore Systems International Limited
Offshore Systems International Ltd. (OSI) makes computer-based geospatial intelligence software, systems and data products mainly for large government and civilian customers. The company has three business units: OSI Navigation Systems (moving map display systems and software for naval surface ships and submarines), OSI Applications (network-based map and target display software and services for national defence) and Mapcon Mapping (digital map data production services for civilian customers). OSI’s common shares are listed for trading on the Toronto Stock Exchange (TSX: OSI) and the OTC Bulletin Board (OTCBB: OFSYF). Visit OSI’s website at www.osil.com for more information and the latest Company updates.
Forward-Looking Statements
This news release contains items that 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. 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 actualresults to be materially different from the results implied herein. Offshore Systems International can give no assurances that its representations will be achieved or that it will update them at any time in the future.
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Jane Hayward
Investor Relations |
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