Here's why:
Offshore Systems International Ltd. announces $4 million Technology Partnerships
Canada investment in support of further research and development of its Electronic
Chart products
VANCOUVER, Nov. 16 /CNW/ - Offshore Systems International Ltd.
Trading Symbol: OSI
John Jacobson, President and CEO of Offshore Systems International Ltd.
(OSI), is pleased to announce that Offshore Systems Ltd. (OSL) will receive a
$4 million Technology Partnerships Canada (TPC) investment in support of
further research and development of its Electronic Chart products for Naval,
Coast Guard and other paramilitary applications. TPC's repayable investment
will enable OSL to advance its ECPINS(R) electronic chart navigation
technology to the next level, meeting the complex mission requirements and
performance standards of Naval and Coast Guard vessels in the next decade.
Jacobson said ``We are enormously pleased with this investment from TPC,
and we very much appreciate the encouragement and endorsement we received from
the Canadian Department of National Defence, from the Canadian Centre for
Marine Communication, and from Industry Canada during the application
process.'
Jacobson went on to add ``When we combine the TPC investment with
existing product development projects, either in the planning stages or
already under way with the Canadian Department of National Defence, the
Canadian Coast Guard and the United States Coast Guard, we will have an
excellent position to pursue the substantial investment that the United States
and the other NATO allies will make on these products in the next decade. We
expect to capture a significant share of this market both directly and through
strategic partnerships with major defence contractors.'
OSL has more than a decade of experience providing electronic chart
systems for Navy, Coast Guard, passenger and other commercial vessels. This
gives the company a unique capability to provide ECPINS(R) systems with
specialized functions that support mission objectives in inherently high-risk
situations where precision, performance, and reliability are paramount.
The Technology Partnerships Canada Program, under Canada's Minister of
Industry, is a discretionary source of funding designed to promote economic
growth and create Canadian jobs in knowledge-intensive sectors of the economy
through strategic investments in results-oriented, near-market projects that
involve activities that foster innovation, rapid commercialization and
value-added production.
Offshore Systems International Ltd. is listed on the TSE and VSE (Symbol:
OSI). Offshore Systems Ltd. is a wholly owned subsidiary of OSI and designs,
develops and markets the ECPINS(R) (Electronic Chart Precise Integrated
Navigation System) line of electronic chart navigation instruments.
Worldwide, the technology has been hailed as the most significant advance in
marine navigation since the advent of radar over 50 years ago.
On Behalf of the Board of Directors of
OFFSHORE SYSTEMS INTERNATIONAL LTD.
Signed ``John A. Jacobson'
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John A. Jacobson
President & Chief Executive Officer. |
