OSI Geospatial Inc. (TSX Venture: OSI) announced today that it has signed a contract valued at approximately $2 million with Siemens AG to provide an Integrated Bridge System ("IBS") for the Royal New Zealand Navy's ANZAC Class frigate Platform System Upgrade ("PSU") Program. The Company will deliver two of its Integrated Navigation and Tactical Systems ("INTS") and will work with Siemens to integrate Siemens' Integrated Platform Management System into a common multi-function workstation. The Company expects to substantially complete the project by the end of 2011.
Walter Purio, President and CEO, commented, "This is OSI Geospatial's first project with Siemens and paves the way for a strong business relationship. The opportunity to deliver our INTS solution to a longstanding and important customer, the New Zealand Navy, deepens our industry-leading position with the navies of the world."
INTS is a fully-scalable command and control solution. This technology is the migration of the Company's world-class vessel navigation technology into a simple, cost-effective integrated system which enhances high-speed navigation and tactical and situational awareness capabilities in a wide range of maritime platforms.
"The market for our INTS technology presents a substantial growth opportunity for OSI Geospatial. The Company's INTS solution offers significant operational and tactical advantages for a price similar to the commercial grade navigation solutions that are currently being offered to the patrol vessel market," continued Mr. Purio.
OSI Geospatial's relationship with the New Zealand Navy began in 2004 with a contract to supply the Company's Electronic Chart Precise Integrated Navigation System - Warship ("ECPINS(r)-W") technology for the entire fleet, as well as their training and shore facilities. ECPINS(r)-W was developed to enhance situational awareness and improve navigational safety on military vessels.
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