OSI Geospatial Inc. Reports 2011 Year End Results

    




 BURNABY, BC, March 29, 2012 /CNW/ - OSI Geospatial Inc.   today announced its financial results for the fiscal year ended  November 30, 2011, reported in Canadian dollars and in accordance with  Canadian Generally Accepted Accounting Principles (GAAP). 

 For the twelve months ended November 30, 2011, the Company reported  consolidated revenue of $12.5 million compared to $13.5 million  reported in the twelve months ended November 30, 2010. 

 The Company reported a net loss of $840,000 before taxes and  discontinued operations and a net income after taxes and discontinued  operations of $196,000 for the twelve months ended November 30, 2011  compared with net income of $1 million before taxes and discontinued  operations and net loss after taxes and discontinued operations of  $182,000 for the twelve months ended November 30, 2010. The twelve  months ending November 30, 2010 included a one-time gain on the sale of  intellectual property of $5.2 million before taxes and $4.1m after  taxes. 

 On December 2, 2011 the Company completed a private placement issuing 40  million common shares at a price of C$0.05 per share that provided  gross proceeds of $2 million. This transaction increased the Company's  number of outstanding common shares from 53,386,729 to 93,386,729. 

 About OSI Geospatial  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. 

 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. 

 Forward-Looking Statements This press release may include forward-looking information within the  meaning of applicable securities laws including information concerning  the business and future results of OSI Geospatial.  Any such  forward-looking statements are subject to risks and uncertainties and  OSI Geospatial'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 Geospatial's  financial results are detailed in disclosure documents filed from time  to time with the applicable Canadian securities regulatory authorities. 

 Data subject to change without notice. 

OSI Geospatial Inc.


CONTACT:  Jim Girard, CFO+1 778-373-4600+1 888 880 [e-mail] 


    

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