OSI Geospatial Inc.
OTC Bulletin Board : OSIIF

OSI Geospatial Inc.

February 28, 2008 08:15 ET

OSI Geospatial Provides Update on Delay in Release of Fourth Quarter and Fiscal Year 2007 Results

OTTAWA, CANADA--(Marketwire - Feb. 28, 2008) - OSI Geospatial Inc. (TSX:OSI)(OTCBB:OSIIF), today provided an update on the delay in the release of its financial results for the fourth quarter and fiscal year ended November 30, 2007. The Company has not met the regulatory filing deadline of February 28, 2008 for filing with the securities regulatory authorities in Ontario, Quebec, British Columbia and Alberta its annual financial statements, management's discussion and analysis and annual information form for the fiscal year ended November 30, 2008 and the related certifications (the "Annual Filings").

As previously announced on February 26, 2008, the Company will delay the reporting of its 2007 results in order to fully address questions received from the U.S. Securities and Exchange Commission. The company and its auditors have decided that in light of these questions, more time is required to complete this year's financial audit.

In accordance with the Canadian Securities Administrators' Notice 57-301, the Company has filed an application with its principal regulator, the Ontario Securities Commission requesting that the Company be subject to a "management" cease trade order, prohibiting its directors, officers and other insiders from trading the Company's securities until Annual Filings have been filed, rather than an "issuer" cease trade order. Assuming a "management" cease trade order is granted, the Company's shares will continue to trade on the Toronto Stock Exchange and persons who are not directors, officers or other insiders of the Company will continue to be able to trade in the Company's shares. As required by CSA Notice 57-301, the Company will provide bi-weekly updates on the status of the failure to file its Annual Filings until they have been filed. An issuer cease trade order could be issued if the Annual Filings are not refilled before April 28, 2008. An issuer cease trade order may be imposed sooner if the Company fails to provide bi-weekly updates.

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.

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