I saw the release earlier today but pretty much discounted it as a follow-up to the article of a month ago posted below, which in turn was a restatement of a intent to buy from August 23rd. I was about as impressed as the markets were today (down a penny). To move forward this company needs a MAJOR sale to say the US coast guard. While these sales to the Canadian navy are good exposure (mind you what other Canadian producer would they buy from) the Canadian navy itself is not a major consumer.
Geoff.
Offshore Systems International Ltd OSI
Shares issued 22,661,493 1999-09-10 close $0.36
Monday Sep 13 1999
Mr. John Jacobson reports
The Department of National Defence (DND) has selected the company's Electronic Chart Precise Navigation System (ECPINS) as a standard navigation instrument aboard major Canadian naval vessels.
As most shareholders know, since the early 1980s Offshore has worked in co-operation with DND in developing electronic chart navigation technology. From the onset of this important relationship the goal has been to develop an advanced, real-time, robust navigation system suited for naval, coast guard and commercial vessels around the world. A key component of this navigation technology is the use of digitized Electronic Nautical Charts with DGPS positioning, allowing the mariner to see the ship's position relative to charted objects, in real-time. The system incorporates a series of alarms to warn the mariner well in advance of impending danger and provides operator decision support. In addition, the system communicates with all on-board sensors such as Radar, gyrocompass and depth sounder. If desired the system can also communicate with engine and steering controls.
DND has purchased 53 ECPINS systems during its relationship with Offshore. These systems are the result of long-standing and continuing relationships with DND and other organizations in North America. It has been these groups which have continually assisted and supported Offshore in its goal of building an antigrounding and anticollision technology, which not only improves navigation efficiency and safety, but also addresses environmental concerns related to maritime traffic around the world.
Offshore takes great pride in having ECPINS installed as a standard navigation system for the Canadian Navy. This will also assist in advancing the technology to the North Atlantic Treaty Organization (NATO) and U.S. Navy chart standards. Additionally this proves that Offshore's technology has achieved the navigation goals, which DND and Offshore set out to accomplish. Offshore anticipates DND's continued satisfaction with ECPINS and is optimistic that the Navy will select additional OSL products in the future.
Offshore has known for some time that this technology will be accepted globally as a standard and primary tool on board ships. Recognition from DND is further evidence that this is taking place.
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