OSI Geospatial Inc.
OTC Bulletin Board : OSIIF

OSI Geospatial Inc.

November 27, 2007 10:00 ET

OSI Geospatial Signs Contract to Upgrade its ECPINS® Software for the Danish Navy

OTTAWA, ONTARIO--(Marketwire - Nov. 27, 2007) - OSI Geospatial Inc. (TSX:OSI) (OTCBB:OSIIF) announced today that its International Systems Operations has secured a contract valued at approximately US$750,000 with the Danish Navy. Under the terms of the new contract, OSI will primarily provide an upgrade to their world leading ECPINS® warship navigation software. This will move the Danish Navy systems to the latest version of OSI's software.

"We are pleased that the Danish Navy has decided to upgrade their systems to our latest and most advanced software. Repeat business is very important to our company and we consistently receive approximately 15% to 20% annually of the original contract value from all of our customers. ," said Ken Kirkpatrick, president and CEO. "The Danish Navy has been a customer since early 2002 and including this contract, we have now secured close to US$10 Millions of business with this very important customer."

OSI has eight navies and three coast guards benefiting from the use of their advanced military navigation products. OSI continues to benefit from significant follow-on business from their existing customers as their world leading software is further integrated and deployed. This provides the company a solid foundation to support future growth.

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 (OSI) and the Over the Counter Bulletin Board (OSIIF). For additional information please visit www.osigeospatial.com.

Forward-Looking Statements

Certain statements made in this news release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and Section 138.4(9) of the Ontario Securities Act. These forward-looking statements are subject to risks and uncertainties. Actual results may differ from these projections. The risks associated with the Company's business include risks related to its reliance on international government contracts; the number of large customer transactions and the related lengthy sales cycles in executing those opportunities; uncertainties associated with competitive bidding processes and contract negotiations; actions by government authorities; the effects of general economic and political conditions; changing foreign exchange rates; and challenges related to the company's ability to introduce, develop and implement new products and enhancements to existing products that respond to customer requirements in a changing, complex, technological market. A complete discussion of the company's risk factors is presented in the company's most recent annual reports, filed with the United States Securities and Exchange Commission ("SEC") and the Canadian Securities Administrators ("CSA"), as well as other periodic reports filed with the SEC and the CSA. The Company does not undertake any obligation to update the forward-looking statements.

Copyright (C) 2007 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 and C3CORE 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
    1-613-287-0462 or 1-888-880-9797
    1-613-287-0466 (FAX)