OSI Wins U.S. Contract

Offshore Systems International (OSI) sold 10 ECPINS (Electronic Chart based Precise Integrated Navigation System) to the American Steamship Co., based in Buffalo, N.Y., a subsidiary of GATX Corp. The systems will be installed on self-unloader bulk carriers which travel on the Great Lakes. Installation is scheduled for this month.

The sale is the largest U.S.-based commercial sale in the company's history. American Steamships' fleet-wide purchase of ECPINS reportedly makes the company the largest U.S.-based user of Electronic Chart Display and Information Systems (ECDIS). The bulk carriers vary in size from 639 ft. to 1,000 ft. (194.75 m to 304 m).

The company also reported a financial plan which will help it improve sales and marketing ca- pacity. OSI has reached an agreement with Sprott Securities Ltd. to act as agent to arrange a major private placement in the amount of $2.55 million to $3.4 million. The placement is on a best efforts basis and is in the form of Special Warrants. A minimum of 1.5 million Special Warrants to a maximum of two million Special Warrants priced at $1.70 per warrant are being sold. For more information on OSI Circle 197 on Reader Service Card