OSI Geospatial Inc.

OSI Geospatial Inc.

May 14, 2009 07:00 ET

OSI Geospatial Teams with Raytheon to Pursue Soldier Modernization Programs

OTTAWA, ONTARIO--(Marketwire - May 14, 2009) - OSI Geospatial Inc. (TSX:OSI) ("OSI") announced today that its U.S. Systems Operations has signed a teaming agreement with the Raytheon Company (NYSE:RTN) ("Raytheon") to develop and pursue the soldier modernization market. Under the terms of this agreement, OSI will be providing advanced technology and expertise from its Dismounted Close Combat, Command and Control System (DC4STM) range of products.

Since signing this agreement, Raytheon has been selected as one of three companies that will each develop prototype systems as part of the first phase of the U.S. Army Ground Soldier Ensemble Program, which promises to be the largest Soldier Modernization Program undertaken to date.

"We are pleased to be working closely with Raytheon in the development of this significant market opportunity. We are confident that Raytheon is well positioned to be a major presence in this market," said Ken Kirkpatrick, president and CEO of OSI. "This partnership is a valuable endorsement of our technology and expertise."

Soldier Modernization Programs

There are more than 20 Soldier Modernization Programs (SMP) at different stages of development ramping up around the world, including the United States and Canada. The common objectives of these programs are to reduce blue force casualties, raise operational tempo and increase readiness for future operations. These programs will deliver an integrated capability that provides unparalleled situational awareness to the dismounted Warfighter during combat operations. OSI is well positioned to use its DC4STM) technology to meet key aspects of the requirements for these programs.

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.

About Raytheon

Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.

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.

The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.

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
    +1-613-287-8004 or +1-888-880-9797
    +1-613-287-0466 (FAX)