OTTAWA, Dec. 7 /CNW Telbec/ - OSI Geospatial Inc. (TSX: OSI) ("OSI") announced today that its U.S. Operations has signed R&D contracts valued at approximately $1.8 million. Under the terms of these contracts, the company will provide advanced technology engineering services and support. The company expects to recognize the revenue from these projects within the next 12 months.
"We are currently working on a number of advanced technology R&D projects that will provide us with the opportunity for significant follow-on business," said Ken Kirkpatrick, president and CEO of OSI Geospatial. "These projects provide OSI with insight into future military requirements and the funding to develop the technologies that will support these requirements."
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. For additional information please visit www.osigeospatial.com.
This press release contains forward-looking statements and information which reflect the current view of OSI Geospatial Inc ("OSI") with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and OSI'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's financial results are detailed in disclosure documents filed from time to time with the applicable Canadian securities regulatory authorities.
Copyright (C) 2009 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.
SOURCE OSI Geospatial Inc.
For further information: For further information: Sandra Oneschuk, Investor Relations, (613) 287-8004 or 1-888-880-9797, (613) 287-0466 (FAX), email@example.com