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OSI provides progress update on its plan to acquire U.S. defense contracting company
Vancouver, Canada — Offshore Systems International Ltd. (TSX: OSI/ OTCBB: OFSYF) is progressing with the due diligence process to acquire a United States defense contracting company, and is well underway in negotiating definitive agreements for the transaction. OSI first announced a non-binding letter of intent to purchase the target company on July 11, 2005.
“The process is going very well,” said President and CEO John Jacobson. “Although it is taking longer than initially anticipated, discussions have been and continue to be very positive.”
Jacobson said that this is a very complicated acquisition. “The target company operates in a heavily regulated field and while the regulatory approval process is proving more complex than we anticipated in July, we’re optimistic and excited about where this process is leading and the progress we’re making.”
The acquisition is expected to be accretive, and to approximately double OSI’s revenue and employee base. The target company, with multiple offices in the United States, is a supplier of technology and services to the U.S. Department of Defense and key defense prime contractors.
About Offshore Systems International Ltd.
Offshore Systems International Ltd. (OSI) makes geographic-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 (land mapping and marine chart production services for civilian and military 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 actual results 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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| Phone: (613) 287-0462 |
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| Toll-Free: (888) 880-9797 |
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