OSI Geospatial Awarded U.S. Department of Defense Contract Valued at US$3.8 Million

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- Sep 27, 2006 -- OSI Geospatial Inc. (TSX: OSI)(OTCBB: OSIIF) announced today that its U.S. systems operations has been awarded a three year contract totaling approximately US$3.8 million by the U.S. Defense Threat Reduction Agency (DTRA). Under the contract terms, OSI will develop a Global Positioning System (GPS) Denied Navigation and Mapping System for the DTRA.

"OSI is a world leader in the development and production of Navigation and Mapping systems for international military and commercial applications. This contract will enable OSI to evolve our leading edge technology into the Hand-Held/Wearable Personal Navigation Systems market," said Ken Kirkpatrick, President and CEO of OSI Geospatial. "We are very pleased to be working with the Defense Threat Reduction Agency, a new customer for us. Along with expanding our customer base, this contract provides for further diversification of our products, supporting two of the strategic goals we established for this year."

About OSI Geospatial

OSI Geospatial Inc. delivers advanced systems and software to address the growing need for enhanced situational awareness in command, control, communications, and intelligence applications. By providing essential tactical and geospatial information, the company's systems and software help decision-makers know the precise location of mission operations across all military forces while integrating information with allies. OSI Geospatial systems are in use by military, government, and commercial customers around the world. The company is publicly traded on the Toronto Stock Exchange (OSI) and the Over the Counter Bulletin Board (OSIIF). For additional information please visit www.osigeospatial.com.

Forward-Looking Statements

Certain statements made in this news release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and Section 138.4(9) of the Ontario Securities Act. These forward-looking statements are subject to risks and uncertainties. Actual results may differ from these projections. The risks associated with the Company's business include risks related to its reliance on international government contracts; the number of large customer transactions and the related lengthy sales cycles in executing those opportunities; uncertainties associated with competitive bidding processes and contract negotiations; actions by government authorities; the effects of general economic and political conditions; changing foreign exchange rates; and challenges related to the company's ability to introduce, develop and implement new products and enhancements to existing products that respond to customer requirements in a changing, complex, technological market. A complete discussion of the company's risk factors is presented in the company's most recent annual reports, filed with the United States Securities and Exchange Commission ("SEC") and the Canadian Securities Administrators ("CSA"), as well as other periodic reports filed with the SEC and the CSA. The Company does not undertake any obligation to update the forward-looking statements.

Copyright © 2006 OSI Geospatial Inc. and its affiliated or related companies. ECPINS and COP-IDS are registered trademarks of Offshore Systems Ltd., an OSI Geospatial company. Other company brand, product and service names are for identification purposes only and may be either trademarks, service marks or registered trademarks of their respective owners. Data subject to change without notice.

OSI Geospatial Inc.
Megan Helmer
Manager, Investor Relations
(604) 904-4627 or 1-888-880-9797
(604) 987-2555 (FAX)
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