OSI Geospatial Inc.

OSI Geospatial Inc.

June 04, 2009 10:30 ET

OSI Geospatial Selected by the Turkish Navy to Provide ECPINS-W for the MILGEM Corvette New Build Program

OTTAWA, ONTARIO--(Marketwire - June 4, 2009) - OSI Geospatial Inc. (TSX:OSI) ("OSI") announced today that its International Systems Operations has signed a contract to provide its world leading warship navigation system to the Turkish Navy . Under the terms of this contract, the company will deliver and install up to eight navigation systems. The first system will be delivered in the third quarter of 2009.

"This is our first project with the Turkish Navy and we are pleased to be involved in this important program'" said Ken Kirkpatrick, president and CEO of OSI Geospatial. "We are committed to expanding our business relationship with this new customer and I believe this project will provide us the opportunity."

The Turkish corvette program will build a modern littoral combat warship with indigenous capabilities, extensively using the principles of stealth technology in its design. The construction of the first MILGEM class corvette, TCG Heybeliada, began on 26 July 2005. TCG Heybeliada was to be put to sea on 27 September 2008 and is scheduled to be completed by 25 October 2010, when it will start undergoing full sea trials before being officially commissioned. It is expected to enter service in 2011. A total of twelve MILGEM class warships (eight corvettes and four frigates) are planned to be built for the Turkish Navy, with possible exports to other countries.

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.

Forward-Looking Statements

This press release contains forward-looking statements and information which reflect the current view of OSI Geospatial Inc ("OSI") with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and OSI's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect OSI's financial results are detailed in disclosure documents filed from time to time with the applicable Canadian securities regulatory authorities.

Copyright (C) 2009 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
    613-287-8004 or 888-880-9797
    613-287-0466 (FAX)