OSI Geospatial Inc.
TSX : OSI
OTC Bulletin Board : OSIIF

OSI Geospatial Inc.

October 10, 2007 08:01 ET

OSI Geospatial Signs US $2 Million Contract to Provide Submarine Navigation Systems to the Australian Navy

OTTAWA, ONTARIO--(Marketwire - Oct. 10, 2007) - OSI Geospatial Inc. (TSX:OSI)(OTCBB:OSIIF) announced today that its International Systems Operations has signed a contract valued at approximately US $2 million to provide the Australian Navy with their world leading ECPINS® submarine navigation system. Under the terms of the new contract, OSI will provide six navigation systems and a software upgrade for the Australian Navy's Collins class submarines.

"We are pleased that the Australian Navy has selected our leading edge submarine navigation system for their Collins class submarines," said Ken Kirkpatrick, president and CEO. "We have been working with the Australian Navy since March 2004, and including this contract, we have now secured more than US$9 million of business with this very important customer."

There are hundreds of naval submarines operating around the world. The company has made significant advances in the development of their submarine navigation technology and this has created a substantial market opportunity. OSI's world leading submarine navigation technology and market leadership position provides the company with a clear advantage in developing this market.

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
    613-287-0462 or 1-888-880-9797
    613-287-0466 (FAX)
    invest@osigeospatial.com