North Sound Capital LLC

March 22, 2011 18:34 ET

North Sound Capital LLC: Share Holdings-Press Release

GREENWICH, CONNECTICUT--(Marketwire - March 22, 2011) - North Sound Capital LLC (the "Company") of Greenwich, Connecticut, USA announced that it exercises control or direction but not direct ownership over the 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"). The details of the Company's ownership in the Reporting Issuer are as follows:

On September 22, 2010, the Company acquired 442,500 Shares of the Reporting Issuer through the Funds at an average price of CDN$0.296 per Share. Following this transaction, the Company through the Funds held, on the following basis, an aggregate of 5,725,911 Shares of the Reporting Issuer: 4,981,543 Shares held by the Offshore Fund and 744,368 Shares held by the Domestic Fund, representing approximately 10.8% of the issued and outstanding Shares of the Reporting Issuer.

The Company subsequently acquired, through the Funds, ownership and control of an additional 2% or more of the Shares of the Reporting Issuer pursuant to the following transactions:

  • September 28, 2010: the Company acquired 650,000 Shares of the Reporting Issuer through the Funds at an average price of CDN$0.306 per Share. Following this transaction, the Company through the Funds held, on the following basis, an aggregate of 6,957,911 Shares of the Reporting Issuer: 6,053,383 Shares held by the Offshore Fund and 904,528 Shares held by the Domestic Fund, representing approximately 13.12% of the issued and outstanding Shares of the Reporting Issuer;

  • September 30, 2010: the Company acquired 1,200,000 Shares of the Reporting Issuer through the Funds at an average price of CDN$0.314 per Share. Following this transaction, the Company through the Funds held, on the following basis, an aggregate of 8,157,911 Shares of the Reporting Issuer: 7,097,383 Shares held by the Offshore Fund and 1,060,528 Shares held by the Domestic Fund, representing approximately 15.38% of the issued and outstanding Shares of the Reporting Issuer;

  • November 4, 2010: the Company acquired 165,000 Shares of the Reporting Issuer through the Funds at an average price of CDN$0.332 per Share. Following this transaction, the Company through the Funds held, on the following basis, an aggregate of 9,348,411 Shares of the Reporting Issuer: 8,133,118 Shares held by the Offshore Fund and 1,215,293 Shares held by the Domestic Fund, representing approximately 17.63% of the issued and outstanding Shares of the Reporting Issuer;

  • November 22, 2010: the Company acquired 155,000 Shares of the Reporting Issuer through the Funds at an average price of CDN$0.325 per Share. Following this transaction, the Company through the Funds held, on the following basis, an aggregate of 10,492,611 Shares of the Reporting Issuer: 9,128,572 Shares held by the Offshore Fund and 1,364,039 Shares held by the Domestic Fund, representing approximately 19.79% of the issued and outstanding Shares of the Reporting Issuer; and

  • On November 30, 2010, the Company acquired 623,000 Shares of the Reporting Issuer through the Funds at an average price of CDN$0.306 per Share. Following this transaction, the Company through the Funds held, on the following basis, an aggregate of 11,330,611 Shares of the Reporting Issuer: 9,857,632 Shares held by the Offshore Fund and 1,472,979 Shares held by the Domestic Fund, representing approximately 21.37% of the issued and outstanding Shares of the Reporting Issuer.

As of March 21, 2011, the Company through the Funds held, on the following basis, an aggregate of 15,222,111 Shares of the Reporting Issuer: 13,243,238 Shares held by the Offshore Fund and 1,978,873 Shares held by the Domestic Fund, representing approximately 28.70% of the issued and outstanding Shares of the Reporting Issuer.

On March 22 2011, the Company through the Funds, sold 2,547,111 Shares of the Reporting Issuer at an average price of CDN$0.117 per Share. Following this transaction, the Company through the Funds holds, 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 represents approximately 23.90% of the issued and outstanding shares of the Reporting Issuer.

The above transactions occurred on the Toronto Stock Exchange and the OTC Pink Sheets.

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. It primarily invests in the public equity markets. North Sound Capital is based in Greenwich, Connecticut.

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 Tom McAuley
    203-340-5700