VANCOUVER, April 12 /CNW/ - OSI Geospatial Inc. ("the Company") (TSXV:
OSI) today announced that effective April 12, 2011, Mark Rivers has
been appointed to the Board of Directors of the Company and will assume
the Board Chair position. Mark brings many years of management and
strategic development expertise to the OSI Board. Mark was recently the
Chairman of Atlantis Systems International where he led the company's
turnaround. Mark is currently the CEO of CEO Capital Corporation, a
boutique private equity firm, is Chairman of Roador Industries, and is
the founder of President's of Enterprising Organizations (PEO): a
networking and professional development organization.
OSI also announces that effective April 11, 2011, it has terminated the
services agreement with P&H Marine Australasia PLC, under which Walter
Purio was contracted to act in the capacity of Interim President and
CEO. On April 11, 2011, Walter Purio also submitted his resignation
from the Board of Directors which will be effective May 11, 2011.
Jim Girard, the current Vice President Finance and Corporate Secretary
of the Company is assuming the role of Interim President and Chief
Executive Officer effective April 12, 2011 until a permanent
replacement is found. In his capacity as Interim President and Chief
Executive Officer, Jim Girard has also been appointed to the Board of
Directors as of April 12, 2011.
"I am very excited to work with the Board, Jim and the entire management
team in order to expand on the positive start the Company has had to
its 2011 fiscal year," said Rivers. "It is clear that OSI Geospatial
Inc. is the world leader in its field with the potential for exciting
growth opportunities in the short term. I intend to work very closely
with the Company in positioning it for a successful future and look
forward to the opportunity to discuss some of the Company's plans and
strategies at the upcoming Annual General Meeting in July", continued
About OSI Geospatial
OSI Geospatial Inc. operates two distinct business units: Offshore
Systems Ltd. (based in Vancouver, British Columbia), a world-leading
naval fleet supplier of integrated navigation and tactical solutions;
and CHI Systems, Inc. (based in Philadelphia, Pennsylvania), a
leading-edge research, development, and systems integration supplier of
technology solutions for defense, aerospace, health, and bioscience
markets. OSI Geospatial systems and software are in use by military,
government, and commercial customers around the world. The Company is
publicly traded on the TSX Venture Exchange. For additional information
please visit www.osigeospatial.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This press release may include forward-looking information within the
meaning of applicable securities laws including information concerning
the business and future results of OSI Geospatial. Any such
forward-looking statements are subject to risks and uncertainties and
OSI Geospatial's actual results of operations could differ materially
from historical results or current expectations. Additional information
on these and other potential factors that could affect OSI Geospatial's
financial results are detailed in disclosure documents filed from time
to time with the applicable Canadian securities regulatory authorities.
Data subject to change without notice.
SOURCE OSI Geospatial Inc.
For further information:
Interim President and Chief Executive Officer
+1 888 880 9797
+1 778-373-0027 (FAX)