VANCOUVER, July 27 /CNW Telbec/ - OSI Geospatial Inc. (TSX: OSI) announced today that its U.S. Operations has been awarded a contract with the U.S. Army valued at approximately US$2.8 million. Under the terms of this contract, the Company will develop advanced medical training technology. The revenue from this contract will be realized over the next 12 months. The Company expects to be awarded a follow-on contract of similar value in the third quarter of 2011.
"This is a very important program, and I am pleased that we will have the opportunity to develop and deliver a quality training solution for the U.S. Army," said Ken Kirkpatrick, president and CEO of OSI Geospatial. "We are pleased to be expanding our relationship with the U.S. Army and strongly believe that we are well positioned to leverage this contract to develop future opportunities for the Company."
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.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
Copyright (C) 2010 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 is a registered trademark 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.
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