Vancouver, BC, June 8, 2011--(T-Net)--OSI Geospatial Inc. (TSX-V: OSI) announced the appointment of Mr. Ken Kirkpatrick as the President and Chief Executive Officer of the company and a member of the Board of Directors effective June 6, 2011.
"Since assuming the Chair position 9 weeks ago my focus has been to understand the business and start to align the organization starting with the governance and leadership in order to work towards accelerating the restoration of the value of the business.
I have invested significant time in meetings and discussions with staff, management, shareholders and customers to get a picture of the business - one priority being the selection of a CEO who can capitalize on the momentum that has been realized this year. Though it may be an unconventional decision to re-appoint the previous CEO, I believe it is the right thing for the organization. Ken has close ties to strategic customers, the support of his management team, the backing of the shareholders and in addition, there will be no delay in someone getting up to speed. This is critical right now from a business perspective - to bring someone new in would take at least 6-12 months to get up to speed and we have significant opportunities in the short term that cannot be risked. Ken has a passion for the business; I feel that we can work well together to reach the full potential of OSI.
A lot of the initiatives that have started to pay off this year for the company were authored by Ken. I also believe that the recent opening of certain strategic markets that have traditionally been inaccessible are the fruit of his efforts with a little help from the economy - Ken is instrumental in these relationships and will be pivotal in capitalizing on them.
My efforts and those of the board will be to work with him and his team to actively support him, to assist in business development and ensure that we have the financial structure and backing to continue to invest in and support our business. We have a world leading technology and a top tier list of maritime customers worldwide where our technology is central to their operations.
I am confident that OSI is well positioned for success and it is critical that we stay focused on the execution of our business plan and ultimately delivering value to our shareholders. I would like to thank Jim Girard for his support during this transition period and appreciate his commitment and dedication to the company. Jim has also submitted his resignation as a Director of OSI, with this seat now being filled by Ken.
It will be my pleasure to share more insight into our plans at the next Annual General Meeting and I look forward to the opportunity to meet our shareholders", said Mark Rivers.
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.
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.
For further information:
Vice-President, Finance and Secretary
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