Offshore Systems International Ltd.
OTC Bulletin Board : OSIIF
TSX : OSI

Offshore Systems International Ltd.

May 17, 2006 08:00 ET

OSI Awarded C$1.9 Million Mapping Business

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 17, 2006) -

New Business in Addition to Previously Announced C$3.0 million Prime Contract

Offshore Systems International Ltd. (TSX:OSI)(OTCBB:OFSYF) (OSI) announced today it has been awarded approximately C$1.9 million of new mapping business in the first five months of fiscal 2006. This new business is in addition to a previously announced five-year prime contract for approximately C$3.0 million, including all options, by the Regional Basemap Consortium serving the Washoe and Douglas County areas in Nevada.

"We continue to make solid progress in developing our mapping business with contract awards totaling nearly C$5 million in the first five months of fiscal 2006," said Ken Kirkpatrick, President and CEO of OSI. "This quarter we won our first prime contract in California with a mapping project for Stanislau County. Our position for securing new U.S. prime contract mapping business continues to improve."

About OSI

Offshore Systems International Ltd. (OSI) is the world's leading developer and supplier of military navigation systems. Focused on the commercial, defense, and homeland security markets, OSI delivers advanced systems and software to address the growing need for enhanced situational awareness in command, control, and intelligence applications. By providing essential tactical and geospatial information, the company's systems and software help decision-makers know the precise location of mission operations across all military forces while integrating information with allies. OSI systems are in use by military, government, and commercial customers around the world. The company is publicly traded on the Toronto Stock Exchange (OSI) and the Over the Counter Bulletin Board (OFSYF). For additional information please visit www.osil.com.

Forward-Looking Statements:

This news release contains items that constitute forward-looking statements within the meaning of securities laws including Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. These statements are made under the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 and, as such, involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Offshore Systems International can give no assurances that its representations will be achieved or that it will update them at any time in the future.

Contact Information

  • Offshore Systems International Ltd.
    Tracy Rawa
    Manager, Investor Relations
    (604) 904-4627 or 1-888-880-9797
    (604) 987-2555 (FAX)
    IR@osl.com
    www.osil.com