OSI to Acquire Technology Supplier

Tuesday, November 08, 2005
Offshore Systems International has entered into a formal agreement to acquire a United States-based defense contracting company. The purchase price will be $9 million, of which approximately $8.1 million will be paid in cash, with the balance to be paid by the issuance of 1,067,975 OSI common shares. OSI first announced a non-binding letter of intent to acquire the target company on July 11, 2005. The target company reported revenues of approximately $12 million (unaudited) in 2004 and has shown consistent growth and profitability throughout its history. The company has approximately 80 employees located at three offices in the United States. The acquisition is expected to be completed by the end of 2005. Closing is subject to receipt of regulatory approvals and satisfaction of certain conditions.

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