North Sound Capital LLC

September 15, 2011 08:31 ET

North Sound Capital LLC

GREENWICH, CONNECTICUT--(Marketwire - Sept. 15, 2011) - North Sound Capital LLC (the "Company") of Greenwich, Connecticut, USA announced that further to its previous release dated March 22, 2011, the Company has disposed of a total of 2,054,152 common shares (the "Shares") of OSI Geospatial Inc. (TSX VENTURE:OSI) (the "Reporting Issuer"), through two funds managed by the Company, North Sound Legacy International Fund, Ltd (the "Offshore Fund") and North Sound Legacy Institutional Fund, LLC (the "Domestic Fund") (collectively, referred to as the "Funds"), representing 3.8% of the issued and outstanding common shares of the Reporting Issuer. The Offeror exercises control or direction but not direct ownership over the Shares of the Reporting Issuer through the Funds.

As of March 22, 2011, the Company through the Funds held, on the following basis an aggregate of 12,675,111 Shares of the Reporting Issuer: 11,027,348 Shares held by the offshore Fund and 1,647,763 Shares held by the Domestic Fund, which at the time represented approximately 23.90% of the issued and outstanding shares of the Reporting Issuer.

On September 13, 2011, the Company through the Funds sold 2,054,152 Shares of the Reporting Issuer at a price of $0.072 per Share. Following the transaction, the Company through the Funds holds on the following basis, an aggregate of 10,620,959 Shares of the Reporting Issuer: 9,137,528 Shares held by the Offshore Fund and 1,483,431 Shares held by the Domestic Fund, which represents approximately 19.8% of the issued and outstanding shares of the Reporting Issuer.

The above transactions occurred through a private transaction.

The Company holds the Shares of the Reporting Issuer for investment purposes. The Company, may, depending on market and other conditions, purchase additional or dispose of some or all of the Shares the Company now beneficially owns or exerts control or direction over, through market transactions, private agreements, treasury issuances, exercise of options, convertible securities or otherwise.

About North Sound Capital LLC

North Sound Capital LLC is an employee owned hedge fund sponsor. The firm provides its services to pooled investment vehicles. It primarily invests in the public equity markets of the United States. The firm was formerly known as DMG Advisors, LLC. North Sound Capital is based in Greenwich, Connecticut with an additional office in Denver, Colorado. For additional information please visit http://www.northsound.com/.

About OSI Geospatial Inc.

OSI Geospatial Inc. operates two distinct business units: Offshore Systems Ltd. (based in Vancouver, British Columbia), a world-leading naval fleet supplier of integrated navigation and tactical solutions; and CHI Systems, Inc. (based in Philadelphia, Pennsylvania), a leading-edge research, development, and systems integration supplier of technology solutions for defense, aerospace, health, and bioscience markets. OSI Geospatial systems and software are in use by military, government, and commercial customers around the world. The Company is publicly traded on the TSX Venture Exchange. For additional information please visit www.osigeospatial.com.

Contact Information

  • For further information or to receive a copy of the early
    warning report filed by the Company in connection with this
    press release, please contact
    Thomas McCauley
    203-340-5700