VANCOUVER, Sept. 12, 2011 /CNW/ - OSI Geospatial Inc. (TSXV: OSI) ("OSI
Geospatial" or the "Company") announced today that the adjourned annual
general and special meeting of its shareholders (the "Meeting"),
initially convened on August 25, 2011 and adjourned to September 9,
2011, has been completed.
Prior to the Meeting, Mark Rivers, then a director and Chair of the
Company, advised the Company of his intention not to stand for
re-election at the Meeting. The Company would like to thank Mark for
his service over the past few months and wishes him all the best in the
At the Meeting, Thomas McAuley, CPA, CFA, President and CEO of North
Sound Capital, the Company's largest shareholder, was nominated from
the floor to take the place of Mr. Rivers and was elected to the
Company's Board of Directors, along with the other nominees, Ken
Kirkpatrick, Charles Stott, Prashant Pathak and Jim Girard.
Mr. McAuley has been President and CEO of North Sound Capital, based in
Greenwich, Connecticut, since 2001 and was previously a Managing
Director of Tiger Management Corp. Mr. McAuley is a graduate of the
Kellogg School of Management at Northwestern University and the
University of Illinois, which he attended on an Evans Scholarship. Mr.
McAuley also currently serves on the Board of Trustees of the Evans
I am pleased to welcome Tom to the Board of Directors of the Company and
look forward to working more closely with him in this new role," said
Ken Kirkpatrick, president and CEO of OSI Geospatial. "Tom has a good
understanding of the defense industry and I am confident he will make a
significant contribution to the future success of the company".
Shareholders of OSI Geospatial also approved the re-appointment of
Deloitte & Touche LLP as auditor of the Company and approved the
Amended and Restated Stock Option Plan of the Company (the "Option
Plan") and all unallocated options issuable thereunder. Under the terms
of the Option Plan, 10% of the issued and outstanding common shares of
the Company are reserved for issuance, of which approximately 2,700,000
currently remain available for issuance.
The Company will provide an update with respect to the appointment of a
new Chair to replace Mr. Rivers in the coming weeks.
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 the 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.
SOURCE OSI Geospatial Inc.
For further information:
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