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February 7, 2008
OSI Geospatial Launches New Asset Control and Tracking System for the Military and Security Markets
Ottawa, Canada-OSI Geospatial Inc. (TSX: OSI; OTCBB: OSIIF) announced today that it has launched a new product for the military and security markets. The Asset Control and Tracking (ACT) system is a versatile and fully scalable solution based on terrestrial communications. It is designed to provide military and security operations the ability to track a wide range of assets and ensure close command and control of these assets in high tempo situations. The company has signed its first contract to deliver the new product to a Canadian Navy Port Security Unit.
ACT is an innovative, effective and flexible command and control solution that can be deployed on land, air or sea based assets. The system is designed to address the unique demands of operating scenarios, such as Riverine Warfare, Maritime Interdiction Operations, Amphibious Operations and Port Security Operations.
“We are very excited about the market potential for this new product and I am pleased that our first customer is the Canadian Navy. I am confident that we will generate substantial business from this new product in 2008 “, says Ken Kirkpatrick, president and CEO. “This product provides our company with significant opportunity both to expand our business with existing customers and to expand into the port security market”.
The company’s world lead ECPINS software is at the core of the ACT system. The ACT system can be installed as a stand alone system or integrated into an existing ECPINS installation. The company has installed or been contracted to install ECPINS systems on more than 300 warships. All of these warships are candidates for an ACT system upgrade.
Visit our website at www.osigeospatial.com and select International Operations for more information on this product.
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 © 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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