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FOR IMMEDIATE RELEASE
OSI Geospatial Awarded New Mapping Business of US$1.5 Million
Vancouver, Canada
OSI Geospatial Inc. (TSX: OSI; OTCBB: OSIIF) announced today that its mapping operations has been awarded new business valued at approximately US$1.5 million since May 17, 2006. This total includes a US$620,000 prime contract with the United States Department of Agriculture (USDA).
"We continue to make solid progress in developing our U.S. mapping business," said Ken Kirkpatrick, president and CEO of OSI Geospatial. "The USDA win positions us to secure additional business with this customer and other U.S. Federal Government agencies."
About OSI Geospatial
OSI Geospatial Inc. delivers advanced systems and software
to address the growing need for enhanced situational awareness
in command, control, communications, and intelligence applications.
By providing essential tactical and geospatial information,
the company's systems and software help decision-makers know
the precise location of mission operations across all military
forces while integrating information with allies. OSI Geospatial
systems 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 (including those in
the section entitled “Outlook”) 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 © 2006 OSI Geospatial Inc. and its affiliated or related companies. ECPINS and COP-IDS are registered trademarks of Offshore Systems Ltd., 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.
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