OSI Awarded New Canadian Navy Contract.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 17, 2003
Offshore Systems International Ltd. (TSX:OSI) (OTCBB:OFSYF) announced today that the Canadian Navy has awarded a new contract for navigation systems to OSI's Systems unit. The navigation systems will be deployed on new Canadian Navy training vessels with deliveries to commence in April 2004. This is the latest order following the Canadian Navy's fleet purchase of OSI's ECPINS-M(TM) navigation systems. The committed contract value is $800,000, and totals $1.1 million inclusive of options.
The Canadian Navy's new purpose-built training craft will provide cadets with instruction and experience using the same ECPINS-M navigation system employed on other Navy vessels. In November 2001, the Canadian Navy chose to deploy ECPINS-M across the fleet, including supply ships, destroyers, maritime coastal defense vessels, and the new Victoria Class submarines. Since that date, the Canadian Navy has purchased more than $7 million of software, systems and support from OSI.
"We are proud of the continued trust and commitment that the Canadian Navy has placed in OSI, allowing us to respond to their developing needs for situational awareness," said John Jacobson, President and CEO of OSI. "We have established excellent working relationships with customers, teaming partners and other stakeholders in the international military market in good part due to the credibility and performance that we have demonstrated at home, thanks to meeting the guidelines set for us by the Canadian naval fleet."
OSI's ECPINS(TM) product (Electronic Chart Precise Integrated Navigation System) is the world's leading system for the safe navigation of ships. ECPINS meets numerous international safety and quality standards and gives ship navigators a precise, real-time display of position and progress on electronic charts.
To date, ECPINS-M (the military version) has been installed or contracted to be installed on vessels for customers which include the Canadian Navy, Royal Danish Navy, U.S. Navy and New Zealand Navy. In addition, ECPINS-M has been selected, but not yet contracted, for installation by the Royal Australian Navy.
About Offshore Systems International Limited
Offshore Systems International Ltd. (OSI) was founded in 1977 and is a leader in delivering products and systems for situational awareness. The company provides display systems and geo-spatial data within mission-critical applications for several defense and commercial customers. OSI conducts its operations through three business units: Geomatics (data production and distribution), Navigation Systems, and Applications (products and services for command and control systems). OSI's common shares are listed for trading on the Toronto Stock Exchange (TSX:OSI) and OTC Bulletin Board (OTCBB:OFSYF). For more information, visit www.osl.com.
This news release contains discussion of items that may 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, with respect to achieving corporate objectives, developing additional project interests, OSI's analysis of opportunities in the acquisition and development of various project interests and other matters. 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. Although Offshore Systems International believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, uncertainties associated with contract negotiations, industry supply.
Offshore Systems International Ltd. 107 - telephone: (604) 904-4600, fax: (604) 987-2555. ECPINS and COP-IDS are trademarks of Offshore Systems Limited. All other trade names mentioned are trademarks and/or registered trademarks of their respective owners.
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|Date:||Dec 17, 2003|
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