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Aeroquest International announces purchase of Mapcon Mapping Operations from OSI
Geospatial
Mississauga, ON - Aeroquest International Limited (“Aeroquest”) and OSI
Geospatial Inc. (“OSI”) announced today the acquisition by Aeroquest of the Mapcon Mapping
group of companies from OSI, which closed on January 31, 2011. Mapcon provides LiDAR,
photogrammetry and related geomatic services to customers in the North American marketplace.
Mapcon consists of two entities: a Canadian sales, operations and project management team
located in Burnaby, BC; and a United States sales team located in Salt Lake City, Utah. Mapcon
generated approximately $4 million of revenue in its last fiscal year.
Total purchase price is $1.15 million subject to an adjustment to reflect the difference between
estimated and actual net working capital at closing.
“We are very excited to welcome the Mapcon group to Aeroquest,” said Roy Graydon, President
& CEO of Aeroquest. “Mapcon’s staff in Burnaby, BC and Salt Lake City, Utah will provide an
excellent complement to the Aeroquest Optimal business with minimal overlap of customers.
This transaction will also allow us to leverage capacity within the entire aerial geomatics group.”
“The divestiture of our mapping operations directly supports our strategy to focus on the
development of our maritime systems business.” said Ken Kirkpatrick, President and CEO of
OSI Geospatial. “We are pleased that we have completed the mapping transaction and strongly
believe this is the right decision for the company.”
About Aeroquest International
Aeroquest International is a global information and technology services company and a leader in
the development and operation of airborne geophysics and geomatics survey platforms for the
mineral and petroleum exploration, and environmental and infrastructure industries. Through its
subsidiary companies - Aeroquest Surveys, UTS-Aeroquest, Aeroquest Sensortech and
Aeroquest Optimal - Aeroquest International fields a fleet of 26 helicopter and fixed-wing survey
systems and is active around the world. More information about Aeroquest International can be
found at www.aeroquest.ca.
About OSI Geospatial
OSI Geospatial Inc. delivers advanced geospatial systems and software that enable shared realtime
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.
For additional information please visit www.osigeospatial.com.
For Investors
This news release may include statements about expected future events and/or financial results
that are forward-looking in nature and subject to risks and uncertainties. Aeroquest and OSI
caution that actual performance will be affected by a number of factors, many of which are
beyond its control. Future events and results may vary substantially from what both Aeroquest
and OSI currently foresee. Discussion of the various factors that may affect future results is
contained in both companies’ recent filings, available on SEDAR.
For further information, please contact Roy Graydon, President & Chief Executive Officer
(rgraydon@aeroquest.ca), 416-204-1500 (Aeroquest) or Jim Girard , Investor Relations,
OSI (invest@osigeospatial.com),778-373-4610 or 888-880-8797 (OSI).
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