Aeroquest International Limited
TSX : AQL

Aeroquest International Limited
OSI Geospatial Inc.
TSX : OSI

OSI Geospatial Inc.

February 01, 2011 09:20 ET

Aeroquest International Limited (TSX:AQL) Announces Purchase of Mapcon Mapping Operations From OSI Geospatial Inc. (TSX:OSI)

MISSISSAUGA, ONTARIO--(Marketwire - Feb. 1, 2011) -

Attention business/financial editors and reporters:

Aeroquest International Limited (TSX:AQL) ("Aeroquest") and OSI Geospatial Inc. (TSX:OSI) ("OSI") announced today the acquisition by Aeroquest of the Mapcon Mapping group of companies from OSI, which closed on January 31, 2011. Mapcon provides LiDAR, photogrammetry and related geomatic services to customers in the North American marketplace. Mapcon consists of two entities: a Canadian sales, operations and project management team located in Burnaby, BC; and a United States sales team located in Salt Lake City, Utah. Mapcon generated approximately $4 million of revenue in its last fiscal year.

Total purchase price is $1.15 million subject to an adjustment to reflect the difference between estimated and actual net working capital at closing.

"We are very excited to welcome the Mapcon group to Aeroquest," said Roy Graydon, President & CEO of Aeroquest. "Mapcon's staff in Burnaby, BC and Salt Lake City, Utah will provide an excellent complement to the Aeroquest Optimal business with minimal overlap of customers. This transaction will also allow us to leverage capacity within the entire aerial geomatics group."

"The divestiture of our mapping operations directly supports our strategy to focus on the development of our maritime systems business." said Ken Kirkpatrick, President and CEO of OSI Geospatial. "We are pleased that we have completed the mapping transaction and strongly believe this is the right decision for the company."

About Aeroquest International

Aeroquest International is a global information and technology services company and a leader in the development and operation of airborne geophysics and geomatics survey platforms for the mineral and petroleum exploration, and environmental and infrastructure industries. Through its subsidiary companies - Aeroquest Surveys, UTS-Aeroquest, Aeroquest Sensortech and Aeroquest Optimal - Aeroquest International fields a fleet of 26 helicopter and fixed-wing survey systems and is active around the world. More information about Aeroquest International can be found at www.aeroquest.ca.

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.

For Investors

This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Aeroquest and OSI caution that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what both Aeroquest and OSI currently foresee. Discussion of the various factors that may affect future results is contained in both companies' recent filings, available on SEDAR.

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