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St. John's, NL, Canada, February 3,
2005-- As you know, the Canadian Hydrographic Service of the Department of Fisheries and Oceans ("CHS") has purported to terminate its agreement with Nautical Data International Inc. ("NDI") effective February 4. NDI has not accepted this termination and it is pursuing its legal remedies against CHS.
On February 2, 2005, NDI filed a Notice of Intention to Make a Proposal pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada) (the "BIA Proceedings"). As a result of the BIA Proceedings, no person, including CHS, may terminate an agreement by reason of NDI making this filing. CHS is stayed from terminating its exclusive licence agreement with NDI.
The shareholders and Board of NDI are committed to the success of its restructuring. In that regard, the Board is taking all necessary steps to ensure that NDI continues to operate its business in the ordinary course and to pursue a mutually acceptable resolution of its dispute with the CHS while under the protection of the BIA Proceedings.
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