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OSI awarded additional $400,000 in orders for components for the Royal Australian Navy’s Collins class submarines
Vancouver, Canada — Offshore Systems International Ltd. (TSX: OSI/ OTCBB: OFSYF) has won $400,000 in new orders for components to install electronic chart navigation systems in the Royal Australian Navy’s Collins class submarine fleet. This brings the total value of business for the Australian submarine fleet to $1 million. Earlier this month, OSI announced a $600,000 contract for other specialized components for the Collins submarines.
“The $1 million in new business this month with the Royal Australian Navy has been working its way through the pipeline since this spring,” said John Jacobson, President and CEO. “As we discussed on the October 14th conference call, now that we’ve expanded our sales channels in Australia, orders are flowing and we have a solid foundation for generating substantial new business going forward.”
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 operates three business units: OSI Navigationlik 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 homeland security) and Mapcon Mapping (digital land mapping and marine charting services for civilian customers).
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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