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

Offshore Systems International Ltd.

January 16, 2006 08:00 ET

OSI Awarded C$850,000 Contract to Develop U.S. Army Tactical Interface

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2006) - Offshore Systems International Ltd. (TSX:OSI)(OTCBB:OFSYF) is pleased to announce that its subsidiary, CHI Systems Inc., has been awarded a contract for approximately C$850,000 with the U.S. Army Armaments Research, Development and Engineering Center (ARDEC). Under the terms of the contract, CHI Systems will work with ARDEC to build a common software interface for use by the U.S. Army to support tactical and technical fire control.

"We are pleased to see work being granted after the U.S. federal budgetary delay and expect continued awards to CHI Systems by the U.S. military services," said Ken Kirkpatrick, president and chief executive officer of OSI. "The U.S. Army and ARDEC have historically been major customers for CHI Systems and today's contract represents the continued expansion of work with them."

In December 2005, OSI acquired U.S.-based CHI Systems for a combination of cash and stock valued at US$9.0 million. The acquisition significantly increases the company's corporate presence in the U.S. and its critical mass to compete for large contracts. The combined companies benefit from their complementary product offering, customer base, and market expertise, and intend to pursue significant opportunities to market and develop products and services to the global defense industry. CHI Systems operates as an independent subsidiary at its headquarters in Philadelphia, PA.

About OSI

Offshore Systems International Ltd. (OSI) makes geographic-intelligence software, systems and data products mainly for large government and civilian customers. The company has three business units: OSI Navigation Systems (moving map display systems and software for naval surface ships and submarines); OSI Applications (network-based map and target display software and services for national defence) and Mapcon Mapping (land mapping and marine chart production services for civilian and military customers). OSI's common shares are listed on the Toronto Stock Exchange (TSX:OSI) and the OTC Bulletin Board (OTCBB:OFSYF). Visit OSI's website at www.osil.com for the latest company updates.

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 harbour' 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 Toll Free: 1-888-880-9797
    (604) 987 2555 (FAX)
    IR@osl.com
    www.osil.com