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OSI Geospatial Signs US$1.3 Million Contract to Provide Navigtion Systems to the U.S. Coast Guard
Vancouver, Canada — OSI Geospatial Inc. (TSX: OSI; OTCBB: OSIIF) announced today that its U.S. Systems Operations has signed a contract valued at approximately US$1.3 million, including all options. This includes a fixed contract valued at approximately US$900,000 to provide the U.S. Coast Guard with ECPINS® navigation systems and an option valued at approximately US$400,000 to provide a four year extended warranty period. The systems will be installed on nine ice breaking tugs (seven new installations and two upgrades to existing units) and one shore base facility.
“This is our first significant contract with the U.S. Coast Guard since 2002. Our U.S. acquisition has reopened this market for us, and we are pleased to again be working with the U.S. Coast Guard,” said Ken Kirkpatrick, president and CEO. “The U.S. Coast Guard has more than 250 vessels in their fleet and we are committed to growing our business with this very important customer.”
OSI currently has a U.S. Coast Guard installed base of 34 vessels and this contract will bring the total to 41 vessels.
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 © 2007 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.
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