To: Gofer who wrote (3807 ) 9/24/2001 1:23:34 PM From: Gofer Read Replies (1) | Respond to of 11802 News out on my pick - OSI - Offshore Systems Int'lfin-info.com Offshore Systems International Ltd. Receives Order from the United States Navy North Vancouver, British Columbia -- John Jacobson, President and Chief Executive Officer of Offshore Systems International Ltd. (TSE: OSI) ("Offshore"), is pleased to announce that the United States Navy has ordered two ECPINS systems for field trials. The systems were ordered by the Naval Sea Systems Command ("NAVSEA"). "We are very pleased that NAVSEA has purchased systems for deployment afloat." said Jacobson. "ECPINS is an impressive product, and it's always at its best when it's being used on a ship to do the navigation job it was built for. These systems are in direct support of a broader program that we're very excited to be part of. For competitive reasons, we're not releasing the exact customer or the pricing." United States Navy Naval Sea Systems Command The largest of the Navy's five systems commands, Naval Sea Systems Command engineers, builds and supports America's Fleet of ships and combat systems. Accounting for nearly one-fifth of the Navy's budget (approximately $20 billion), NAVSEA manages more than 130 acquisition programs, which are assigned to six affiliated Program Executive Officers (PEOs) and various Headquarters elements. NAVSEA's world class team of professionals provide virtual support anywhere and anytime to ensure the Fleet remains ready and capable - operating around the globe. Offshore Systems International Ltd. Founded in 1977, Offshore designs, develops and markets the ECPINS(R) (Electronic Chart Precise Integrated Navigation System) line of electronic chart navigation systems for ships. ECPINS(R) helps to reduce the risk of navigation related incidents by giving bridge crews a precise, real-time display of their position, course and speed, against a background of fixed obstacles and other navigational hazards. The marine industry puts the highest priority on safety of operation and independent studies have shown that ECPINS(R) can contribute significantly to reducing the risk of navigation related shipping incidents. For More Information Contact: Norman Van Roggen or Ken MacDonald Phone: 604 408-9118 Fax: 604 408-9117 e-mail: investor@osl.com On Behalf of the Board of Directors of OFFSHORE SYSTEMS INTERNATIONAL LTD. Signed "John A. Jacobson" John A. Jacobson President & Chief Executive Officer 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 misjudgements in the course of preparing forward-looking statements. Offshore Systems International Ltd. 107 - 930 West 1st Street North Vancouver, BC, V7P 3N4 Telephone: (604) 986 4440 Fax: (604) 987 2555