OSI Continues to Receive New Orders For First Quarter

Wednesday, February 20, 2002
Offshore Systems International Ltd. (OSI) announced that it continures to receive new orders in its fiscal first quarter which ends February 28, 2001. Since announcing a major new order in December, Offshore has received $1.1 million in additional new orders bringing the total new business booked to date in the fiscal first quarter to $1.7 million. The new orders are from three of Offshore Systems’ key customers – the Royal Danish Navy, the U.S. Coast Guard and the U.S. Navy, and are for products to be delivered later in 2002. The orders are for Offshore’s proprietary ECPINS®-M (Electronic Chart Precise Integrated Navigation System-Military) systems, and for electronic charts and chart services. "Offshore Systems continues to experience strong order flow in the first quarter, following record levels of new orders in the last half of fiscal 2001 and a corresponding strong backlog position at fiscal 2001 year-end,” said John Jacobson, President and CEO of the company. "We’re maintaining our focus on the military navigation market and, with the heightened emphasis on security and increased government spending on homeland defense in North America, we are very optimistic about Offshore’s future prospects. We are also seeing an increasing interest in our products internationally. In fact, Offshore was recently invited to deliver a briefing on its ECPINS®-M technology at NATO Headquarters in Brussels.”

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