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OSI Geospatial Announces Results of Annual General and Special Meeting and Changes to the Board of Directors

^{Published on 2011-09-12 05:10:39 - Market Wire}
 

VANCOUVER, Sept. 12, 2011 /CNW/ - OSI Geospatial Inc. (TSXV: OSI) ("OSI Geospatial" or the "Company") announced today that the adjourned annual general and special meeting of its shareholders (the "Meeting"), initially convened on August 25, 2011 and adjourned to September 9, 2011, has been completed.

Prior to the Meeting, Mark Rivers, then a director and Chair of the Company, advised the Company of his intention not to stand for re-election at the Meeting. The Company would like to thank Mark for his service over the past few months and wishes him all the best in the future.

At the Meeting, Thomas McAuley, CPA, CFA, President and CEO of North Sound Capital, the Company's largest shareholder, was nominated from the floor to take the place of Mr. Rivers and was elected to the Company's Board of Directors, along with the other nominees, Ken Kirkpatrick, Charles Stott, Prashant Pathak and Jim Girard.

Mr. McAuley has been President and CEO of North Sound Capital, based in Greenwich, Connecticut, since 2001 and was previously a Managing Director of Tiger Management Corp. Mr. McAuley is a graduate of the Kellogg School of Management at Northwestern University and the University of Illinois, which he attended on an Evans Scholarship.  Mr. McAuley also currently serves on the Board of Trustees of the Evans Scholars Foundation.

I am pleased to welcome Tom to the Board of Directors of the Company and look forward to working more closely with him in this new role," said Ken Kirkpatrick, president and CEO of OSI Geospatial. "Tom has a good understanding of the defense industry and I am confident he will make a significant contribution to the future success of the company".

Shareholders of OSI Geospatial also approved the re-appointment of Deloitte & Touche LLP as auditor of the Company and approved the Amended and Restated Stock Option Plan of the Company (the "Option Plan") and all unallocated options issuable thereunder. Under the terms of the Option Plan, 10% of the issued and outstanding common shares of the Company are reserved for issuance, of which approximately 2,700,000 currently remain available for issuance.

The Company will provide an update with respect to the appointment of a new Chair to replace Mr. Rivers in the coming weeks.

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 the 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.