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OSI Geospatial Announces Temporary Management and Insider Cease Trade Order and Provides Status Update
Ottawa, Canada - OSI Geospatial Inc. (TSX: OSI; OTCBB: OSIIF) today announced that due to its failure to file its annual financial statements, management’s discussion and analysis and annual information form for the fiscal year ended November 30, 2007 and the related certifications (the “Annual Filings”) with the securities regulatory authorities in Ontario, Quebec, British Columbia and Alberta by the regulatory deadline of February 28, 2008, the Ontario Securities Commission (the “OSC”) has issued a temporary order that prohibits, effective immediately for a period of fifteen days, all trading in and all acquisitions of the securities of the Company, whether direct or indirect, by the following persons who are or have been directors or officers of the company: Ken Kirkpatrick: CEO and President; Raymond Johnston: Chairman of the Board of Directors; Helmut Lobmeier: Director; Walter Purio: Director; Gerald Shields: Director; Joseph Stroud: Director; Donald Young: Director; John Sentjens: Chief Financial Officer; Andrew Carniel: Vice President Business Development (Ret’d); Wayne Zachary: Vice President and General Manager of U.S. Systems; Richard Hoyle: Vice President and General Manager of International Systems; Jose Lee: Vice President Technology; Robert Bush: Vice President Business Development Marine; Robert Parsons: Vice President Business Development Land; and Marcos Riano: Vice President and General Manager of Mapping Systems . A copy of the order is available on the company’s web site at www.osigeospatial.com and on the OSC’s website at www.osc.gov.on.ca . The British Columbia Securities Commission, Alberta Securities Commission and L’Autorite des marches financiers are expected to issue similar orders with respect to such persons.
As previously announced on February 26, 2008, OSI will delay the reporting of its 2007 results in order to fully address questions received from the U.S. Securities and Exchange Commission. The company and its auditors have decided that in light of these questions, more time is required to complete this year’s financial audit.
The company will provide bi-weekly updates on its business as required by the OSC. The company reported that there have been no other material developments since the press release of February 28, 2008. The company will continue to provide updates until it is current with its filing obligations under Canadian securities laws.
An issuer cease trade order could be issued if the Annual Filings are not refiled before April 28, 2008. An issuer cease trade order may be imposed sooner if the company fails to provide bi-weekly updates.
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 (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 © 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.
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