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Gold/Mining/Energy : Offshore Systems International (TSE - OSI) -- Ignore unavailable to you. Want to Upgrade?

To: Aykay who wrote (486)	11/22/2000 10:02:24 AM
From: Dan Hamilton	Respond to of 490

Here's the release. I think it's going to take a big contract win with the Cdn or U.S. Navy to move this puppy. But they can't win in the U.S. without partnering. U.S. Coast Guard places $1.3 Million in New Orders With Offshore 14:47 EST Tuesday, November 21, 2000 John Jacobson, President and CEO of Offshore Systems International Ltd. (Offshore; TSE: OSI) is pleased to announce receipt of $1.3 million (Cdn) in new orders to provide ECPINS(R) systems and system spares for the United States Coast Guard. The new ECPINS(R) systems will be delivered in 2001 for installation onboard several new Juniper Class Seagoing buoy tending ships currently under construction. Jacobson said "ECPINS(R) is the Electronic Chart standard for the US Coast Guard's Juniper Class buoy tenders, and products destined for these ships are ordered from time to time as new ships are built. This program is an extraordinary success story for Offshore as we continue to receive orders for products, spares, support and ongoing development of these specialized systems." The US Coast Guard uses Offshore's ECPINS(R) system on its WLM and WLB buoy tending vessels. These vessels are highly specialized and perform very complex missions in waters that are often shallow and rocky. Buoy tending crews make navigation safer for other ships by positioning the marker buoys that mark hidden hazards and guide other mariners. The ECPINS(R) systems on these vessels are customized to support this mission and ensure that navigational aids are precisely positioned. Once the mission parameters are entered, ECPINS(R) interfaces with over 800 inputs on the ship and actively maintains the vessel's position by feeding data to the ship's dynamic positioning system. Offshore 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. 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" John A. Jacobson President & Chief Executive Officer For More Information Contact: Toll Free: 1-888-880-9797 Norman van Roggen or Ken MacDonald Phone: (604)408-9118 Fax: (604)408-9117 e-mail: investor@osl.com website: www.osl.com Information Concerning Forward-looking Statements Statements in this News Release, to the extent not based on historical events, constitute forward-looking statements. Forward-looking statements include, without limitation, statements evaluating market and general economic conditions in the preceding sections, and statements regarding future-oriented costs and expenditures. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date thereof. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties with respect to the company include the effects of general economic conditions, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements.