VANCOUVER, BC--(Marketwire -) - OSI Geospatial Inc. (TSX:OSI)(OTCBB:OSIIF) announced 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.
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 the company's Web site.
Copyright (C) 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.
For more information, please contact
OSI Geospatial Inc.
Manager, Investor Relations
(604) 904-4627 or Toll Free: 1-888-880-9797
(604) 987-2555 (FAX)
Email: [email protected]