OSI Geospatial Inc.
TSX : OSI

OSI Geospatial Inc.

September 03, 2009 15:56 ET

CORRECTION FROM SOURCE: OSI Geospatial Signs First Contract with Defence Research and Development Canada to Deliver a Counter-IED Training Solution

OTTAWA, ONTARIO--(Marketwire - Sept. 3, 2009) - This document corrects and replaces the release sent on 09/02/2009 at 4:06 PM EDT.

OSI Geospatial Inc. (TSX:OSI) ("OSI") announced yesterday that it has signed a contract valued at approximately $600K with Defence Research and Development Canada (DRDC), an agency of the Canadian Department of National Defense. Under the terms of this contract, the company will deliver a prototype Counter-Improvised Explosive Device (IED) Immersive Training Environment (CIITE) system utilizing OSI's iGEN™ Cognitive Synthetic Agents that will assist Canadian Forces to recognize, react to and defeat situations where an IED danger exists.

"This is our first R&D contract with DRDC and we are pleased to be involved in such an important program," said Ken Kirkpatrick, president and CEO of OSI Geospatial. "I am confident that this project will be a success and lead to future business for the company. We are also pleased to be expanding our advanced research and development customer base."

About CIITE

CIITE will provide an immersive environment in which trainees will learn how to recognize IED's, communicate as well as team-work utilizing synthetic agents as teammates. For more information about our advanced research and development capabilities, please visit http://www.chisystems.com/practice/practice_areas.htm.

About DRDC

DRDC is an agency of the Canadian Department of National Defence (DND) responding to the scientific and technological needs of the Canadian Forces. The agency is made up of nine research centres located across Canada with a corporate office in Ottawa. DRDC has an annual budget of $350 million and employs over 1,700 people. With a broad scientific program, DRDC actively collaborates with industry, international allies, academia, other government departments and the national security community.

About OSI Geospatial

OSI Geospatial Inc. delivers advanced geospatial systems and software that enable shared real-time situational awareness for military, safety and security applications. Our products and services enable our customers to integrate and visualize live data with any combination of sensor data, imagery, maps and charts. This capability provides our customers with enhanced operational performance, safety and security through shared real-time situational awareness. OSI Geospatial systems and software are in use by military, government, and commercial customers around the world. The company is publicly traded on the Toronto Stock Exchange. For additional information please visit www.osigeospatial.com.

Forward-Looking Statements

This press release contains forward-looking statements and information which reflect the current view of OSI Geospatial Inc ("OSI") with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and OSI's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect OSI's financial results are detailed in disclosure documents filed from time to time with the applicable Canadian securities regulatory authorities.

The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.

Copyright (C) 2009 OSI Geospatial Inc. and its affiliated or related companies. ECPINS and COP-IDS are registered trademarks of Offshore Systems Ltd., an OSI Geospatial company. IGEN, C3CORE, DC4S-Base, DC4S-Commander and DC4S-Assaulter are registered trademarks of CHI Systems Inc., an OSI Geospatial company. Other company brand, product and service names are for identification purposes only and may be either trademarks, service marks or registered trademarks of their respective owners. Data subject to change without notice.

Contact Information

  • OSI Geospatial Inc.
    Jane Hayward
    Investor Relations
    1 613 287 8004 or 1 888 880 9797
    1 613 287 0466 (FAX)
    invest@osigeospatial.com