MISSISSAUGA, ON, Feb. 1 /CNW/ - Aeroquest International Limited
("Aeroquest") and OSI Geospatial Inc. ("OSI") announced today the
acquisition by Aeroquest of the Mapcon Mapping group of companies from
OSI, which closed on January 31, 2011. Mapcon provides LiDAR,
photogrammetry and related geomatic services to customers in the North
American marketplace. Mapcon consists of two entities: a Canadian
sales, operations and project management team located in Burnaby, BC;
and a United States sales team located in Salt Lake City, Utah. Mapcon
generated approximately $4 million of revenue in its last fiscal year.
Total purchase price is $1.15 million subject to an adjustment to
reflect the difference between estimated and actual net working capital
"We are very excited to welcome the Mapcon group to Aeroquest," said Roy
Graydon, President & CEO of Aeroquest. "Mapcon's staff in Burnaby, BC
and Salt Lake City, Utah will provide an excellent complement to the
Aeroquest Optimal business with minimal overlap of customers. This
transaction will also allow us to leverage capacity within the entire
aerial geomatics group."
"The divestiture of our mapping operations directly supports our
strategy to focus on the development of our maritime systems business."
said Ken Kirkpatrick, President and CEO of OSI Geospatial. "We are
pleased that we have completed the mapping transaction and strongly
believe this is the right decision for the company."
About Aeroquest International
Aeroquest International is a global information and technology services
company and a leader in the development and operation of airborne
geophysics and geomatics survey platforms for the mineral and petroleum
exploration, and environmental and infrastructure industries. Through
its subsidiary companies - Aeroquest Surveys, UTS-Aeroquest, Aeroquest
Sensortech and Aeroquest Optimal - Aeroquest International fields a
fleet of 26 helicopter and fixed-wing survey systems and is active
around the world. More information about Aeroquest International can be
found at www.aeroquest.ca.
About OSI Geospatial
OSI Geospatial Inc. delivers advanced geospatial systems and software
that enable shared realtime 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
This news release may include statements about expected future events
and/or financial results that are forward-looking in nature and subject
to risks and uncertainties. Aeroquest and OSI caution that actual
performance will be affected by a number of factors, many of which are
beyond its control. Future events and results may vary substantially
from what both Aeroquest and OSI currently foresee. Discussion of the
various factors that may affect future results is contained in both
companies' recent filings, available on SEDAR.
SOURCE OSI Geospatial Inc.
For further information:
Roy Graydon, President & Chief Executive Officer (email@example.com), 416-204-1500 (Aeroquest) or Sandra Oneschuk, Investor Relations, OSI (firstname.lastname@example.org), 613-287-8004 or 888-880-8797 (OSI)