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OSI secures C$1.7 million of Mapcon Mapping business in 2005 fiscal fourth quarter
Vancouver, Canada — Offshore Systems International Ltd. (TSX: OSI; OTCBB: OFSYF) has been awarded mapping contracts totaling more than C$1.7 million in its fiscal fourth quarter ended November 30, 2005. This total includes the C$420,000 prime contract with Lake Havasu City Public Works Department announced on October 13, 2005.
Mapcon creates and distributes geographical data products for federal, state, county, and city government customers around the world. OSI acquired Mapcon of Salt Lake City, Utah, in April 2005.
“We are pleased to report that our U.S. market access strategy is working,” stated Ken Kirkpatrick, President and CEO of OSI. “The acquisition of Mapcon has allowed OSI to aggressively penetrate the fast-growing U.S. market. The business continues to outperform our expectations with sustained growth in land mapping services and an increasing role for us as the prime contractor.”
Contracts awarded since the close of the Mapcon acquisition have totaled nearly C$3.5 million.
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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