Mr. Jim Girard reports

OSI GEOSPATIAL INC. RECEIVES FINAL COURT ORDER FOR PLAN OF ARRANGEMENT

The Supreme Court of British Columbia issued its final order today approving OSI Geospatial Inc.'s previously announced going private transaction to be completed by way of a plan of arrangement under the Business Corporations Act (British Columbia). Subject to and following final approval of the TSX-V, the company expects to delist from the TSX-V and close the transaction in July, 2012.

The transaction provides, among other things, that (i) each Class B Series 2 preference share held by a preferred shareholder be converted into common shares of the company at a conversion rate of 156.667 common shares, which is equivalent to a value of $9.40 per preferred share, and (ii) all of the issued and outstanding common shares be consolidated on a 250,000-to-one basis and common shareholders holding less than one postconsolidation common share be paid six cents in cash, representing a 33-per-cent premium to the preconsolidation market price for the common shares, per preconsolidation common share held by them.

Further details regarding the transaction are set out in the management information circular dated May 16, 2012, which is available under the company's profile on SEDAR.

We seek Safe Harbor.