OSI Geospatial Signs US$925,000 Contract to Provide Simulation Based Training Technology to the U.S. Navy: Financial News

OSI Geospatial Signs US$925,000 Contract to Provide Simulation Based Training Technology to the U.S. Navy
Monday April 14, 2008 7:45 am ET

OTTAWA, CANADA--(MARKET WIRE)--Apr 14, 2008 -- OSI Geospatial Inc. (Toronto:OSI.TO - News)(OTC BB:OSIIF.OB - News) announced today that its U.S. Systems Operations has signed a contract valued at approximately US$925.000. Under the terms of the contract, the company will further develop and enhance its Simulation Based Training technology for the U.S. Navy.

"We are pleased that our leading-edge training simulation technology is of interest to U.S. Navy and we are excited about contributing to this important project," said Ken Kirkpatrick, president and CEO of OSI Geospatial. "Our U.S. operations have developed significant capabilities in this area and this is evidence that we are getting some traction."

About OSI Geospatial

OSI Geospatial Inc. delivers advanced navigation and command and control technology that provides 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.

Forward-Looking Statements

Certain statements made in this news release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and Section 138.4(9) of the Ontario Securities Act. These forward-looking statements are subject to risks and uncertainties. Actual results may differ from these projections. The risks associated with the Company's business include risks related to its reliance on international government contracts; the number of large customer transactions and the related lengthy sales cycles in executing those opportunities; uncertainties associated with competitive bidding processes and contract negotiations; actions by government authorities; the effects of general economic and political conditions; changing foreign exchange rates; and challenges related to the company's ability to introduce, develop and implement new products and enhancements to existing products that respond to customer requirements in a changing, complex, technological market. A complete discussion of the company's risk factors is presented in the company's most recent annual reports, filed with the United States Securities and Exchange Commission ("SEC") and the Canadian Securities Administrators ("CSA"), as well as other periodic reports filed with the SEC and the CSA. The Company does not undertake any obligation to update the forward-looking statements.

Copyright © 2008 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.