OSI Geospatial Inc. receives final approval of TSXV

VANCOUVER, June 27, 2012 /CNW/ - OSI Geospatial Inc. (TSXV: OSI) ("OSI" or the "Company") announced today that the TSX Venture Exchange ("TSXV") granted its final approval with respect to the Company's previously announced delisting from the TSXV and going private transaction to be completed by way of a court approved plan of arrangement (the "Transaction").  Pursuant to the TSXV's formal bulletin (the "Bulletin") issued today, the Company's common shares will be delisted from the TSXV effective at the close of business on July 12, 2012, ten business days after issuance of the Bulletin (the "Delisting").

The Transaction is expected to become effective on July 13, 2012, the day after the Delisting (the "Effective Date"). The Transaction provides, among other things, that (i) each Class "B" Series 2 Preference Share (a "Preferred Share") held by a Preferred Shareholder be converted into common shares of the Company (the "Common Shares") at a conversion rate of 156.667 Common Shares per Preferred Share, which is equivalent to a value of $9.40 per Preferred Share, and (ii), all of the issued and outstanding Common Shares be consolidated on a 250,000 to 1 basis and Common Shareholders holding less than one post-consolidation Common Share be paid $0.060 in cash, representing a 33% premium to the pre-consolidation market price for the Common Shares, per pre-consolidation Common Share held by them.

Following the Delisting and Effective Date, the Company will apply to the relevant securities commissions to cease to a reporting issuer and expects to close the Transaction in late July 2012.

Further details regarding the Transaction are set out in the management information circular dated May 16, 2012, which is available under the Company's profile on SEDAR.

About OSI Geospatial Inc.

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.

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about the completion of the Transaction and regulatory and court approvals, are forward looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity price and title matters or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

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.


SOURCE OSI Geospatial Inc.

For further information:

Jim Girard
Chief Financial Officer and Secretary
+1 778-373-4600 +1 888 880 9797
+1 778-373-0027 (FAX)
invest@osigeospatial.com

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OSI Geospatial Inc.

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