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February 11, 2008
OSI Geospatial Signs Contract with Lockheed Martin to Provide Submarine Navigation Systems to the Brazilian Navy
Ottawa, Canada-OSI Geospatial Inc. (TSX: OSI; OTCBB: OSIIF) announced today that its U.S. Systems Operations signed a contract valued at approximately US $925,000 with Lockheed Martin [NYSE: LMT]’s Undersea Systems business unit to supply the Brazilian Navy with 6 ECPINS® submarine navigations systems. These systems will be integrated into Lockheed Martin’s Submarine Integrated Combat Systems (ICS) that will be delivered to the Brazilian Navy.
“Lockheed Martin values OSI Geospatial as a key navigation technology solution provider for the Brazilian submarine program,” said Larry Fox, Lockheed Martin program manager, International Submarines.
“We are pleased that Lockheed Martin has embraced our world leading submarine navigation technology. Our relationship with Lockheed Martin is extremely important to us, as they can provide access to markets that would be very difficult to develop on our own,” says Ken Kirkpatrick, president and CEO of OSI Geospatial. “Lockheed Martin has provided advanced submarine combat systems to many navies around the world; some of the upgrades to these systems will now include our advanced submarine technology. This contract is evidence that our strategy to establish partnerships with large naval systems integrators that significantly increase the size of our sales channel is working.”
There are hundreds of submarines operating around the world. OSI continues to make significant advances in the development of their submarine navigation technology and in developing partnerships with companies that can provide increased market access. OSI is a leader in the emerging submarine navigation market; their submarine technology has been deployed by the UK Royal Navy, as well as the Canadian, Australian, and Portuguese Navies.
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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