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OSI Geospatial Signs US$1.2 Million Contract to Provide Major U.S. Port Area with Risk Assessment
Ottawa, Ontario, Nov. 1, 2007 - OSI Geospatial Inc. (TSX: OSI;OTCBB: OSIIF) announced today that its U.S. Systems Operations has signed a US$1.2 Million contract to provide an integrated vulnerability assessment for the Sabine Neches port area in Texas. This area encompasses approximately 4 refineries, 37 chemical facilities, 4 storage facilities, assorted quarries, fueling stations, docks and piers as well as the Ports of Port Arthur, Port of Beaumont and the Port of Orange. Under the terms of the contract, the company will complete a risk assessment for the port system and identify actions to effectively mitigate threats to the region’s maritime critical infrastructure. The work is estimated to be completed over a six month period.
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The Sabine Neches area project is being funded by the U.S. Department of Homeland Security (DHS) Port Security Grant Program (PSGP). The funds provided by the PSGP are primarily intended to support the work of increasing port-wide risk management, enhanced domain awareness capabilities through the development and implementation of port-wide risk management/mitigation and Business Continuity/Resumption of trade plans to prevent, detect, respond to and recover from attacks involving improvised explosive devices (IED) and other non-conventional weapons, as well as training and other exercises. The DHS grant program provided for funding of US$110 Million in fiscal year 2007 which included US$66 Million to be allocated to the eight U.S. port areas that have been determined to be high risk areas. The Sabine Neches area is one of these areas and it will receive funding of approximately US$6 Million.
“This is our first port security win and I am pleased to be involved in this very important project,” said Ken Kirkpatrick president and CEO of OSI Geospatial. “The development of the U.S. port security market is a high priority for OSI and we are well positioned to leverage our advanced naval situational awareness technology to provide solutions that will enhance port security operations.”
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 (OSI) and the Over the Counter Bulletin Board (OSIIF). For additional information please visit www.osigeospatial.com .
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Forward-Looking Information
Certain statements made in this news release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and Section 138.4(9) of the Ontario Securities Act. These forward-looking statements are subject to risks and uncertainties. Actual results may differ from these projections. The risks associated with the Company's business include risks related to its reliance on international government contracts; the number of large customer transactions and the related lengthy sales cycles in executing those opportunities; uncertainties associated with competitive bidding processes and contract negotiations; actions by government authorities; the effects of general economic and political conditions; changing foreign exchange rates; and challenges related to the company's ability to introduce, develop and implement new products and enhancements to existing products that respond to customer requirements in a changing, complex, technological market. A complete discussion of the company’s risk factors is presented in the company’s most recent annual reports, filed with the United States Securities and Exchange Commission (“SEC”) and the Canadian Securities Administrators (“CSA”), as well as other periodic reports filed with the SEC and the CSA. The Company does not undertake any obligation to update the forward-looking statements.
Copyright © 2007 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
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For further information , please visit www.osigeospatial.com, or contact:
Jane Hayward
Investor Relations
Tel: 1-613-287-0462 or 1-888-880-9797
Fax: 1-613-287-0466 (FAX)
Email: invest@osigeospatial.com
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