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OSI signs teaming agreement with Terma valued at C$700,000; first full deployment of company’s COP technology underway
Vancouver, Canada — Offshore Systems International Ltd. (TSX: OSI; OTCBB: OFSYF) has secured a formal teaming agreement with Terma A/S of Denmark for more than C$700,000 with all options exercised. The agreement grants licenses of OSI’s Common Operational Picture Product Line technology (“COP PL”) to be integrated into Terma’s next-generation command and control system, and provides for an immediate C$290,000 in licenses, with options for follow-on licenses, maintenance, and support. The teaming agreement also allows for ongoing business development with Terma both in Denmark and in other markets.
“Terma was an early adopter of our COP PL technology and has been an excellent partner,” said Ken Kirkpatrick, President and CEO of OSI. “The first full deployment of our COP PL technology within a fully-certified command and control system on a customer fleet is currently underway on selected vessels of the Royal Danish Navy fleet. We are encouraged as our COP PL technology heads for broader customer deployment through our expanded working relationship with Terma.”
The OSI COP PL technology integrates information from many geographic and tactical data sources – land maps, nautical charts, photo imagery, sensors and military information – into a single display.
About OSI
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 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 homeland security) and Mapcon Mapping (digital land mapping and marine charting services for civilian customers). OSI’s common shares are listed on the Toronto Stock Exchange (TSX: OSI) and the OTC Bulletin Board (OTCBB: OFSYF). Visit OSI’s website at www.osil.com for 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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