 |
News Release |
 |
| |  |
 |
Royal Australian Navy awards prime contract to OSI: $600,000 order for components to install OSI’s latest submarine navigation technology in the Collins class submarine fleet
Vancouver, Canada — Offshore Systems International Ltd. (TSX: OSI/ OTCBB: OFSYF) has won a $600,000 prime contract to design and build a customized enclosure for the company’s highly-specialized submarine electronic chart navigation system, scheduled for installation across the Royal Australian Navy’s (RAN) Collins class submarine fleet. OSI became the supplier of electronic navigation software to the RAN in March 2004 with a subcontract from Nautronix, OSI’s teaming partner. This was followed by an additional $1.2 million contract in August 2004 for complete systems for the RAN’s Armidale class of patrol boats.
“This prime contract from the RAN is a very important contract for OSI,” said John Jacobson, President and CEO. “It opens a new channel for equipment sales to the RAN directly, in addition to sales we make through Nautronix. That said, our relationship with Nautronix is excellent, and we have received new orders from Nautronix for additional equipment related to these same submarine systems. We are very pleased with the way our Australian business is developing.”
Jacobson went on to say: “More than just new orders through a new channel in Australia, it’s also our first contract to design and build hardware and mechanical components to meet specific and highly complex military standards. We will be delivering a unique enclosure for the computer and software systems that we normally deliver to our customers, and we believe that this capability to build these enclosures will be of interest to other customers around the world.”
OSI is developing advanced submarine functionality for the RAN, the UK’s Royal Navy and the Canadian Navy. Its leadership in subsurface navigation is also demonstrated by its launch earlier this year of an innovative integrated submarine navigation and weapons management system for command and control.
In addition to Australia, Canada and the United Kingdom, other customers for OSI’s submarine navigation systems include the navies of the United States and Portugal. Currently, OSI’s submarine product is installed or under contract for installation on 25 submarines globally.
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 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).
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.
|
| |
For more information contact:
Jane Hayward
Investor Relations
+1 613 287 0462 or +1 888 880 9797
+1 613 287 0466 (FAX)
invest@osigeospatial.com
|
|
 |
|
|