Offshore Systems International Ltd. has announced that it has entered into an agreement to purchase all of the issued and outstanding shares of Mapcon Mapping Consultants Inc. of Salt Lake City, Utah. Mapcon is a land mapping company with a solid position in the U.S. geomatics (digital map and electronic chart data production) market.
Under the terms of the agreement, OSI will purchase all of the shares of Mapcon from its shareholders for cash of US$950,000 and the issuance of US$50,000 in common shares of OSI at market price. The purchase is subject to a number of conditions, including the execution of a definitive agreement. The transaction is expected to close within thirty days. The issuance of the shares by OSI to the Mapcon shareholders is subject to acceptance by the TSX.