Thursday, 3 February 2011

Aeroquest Acquires Mapping Group of Companies From OSI Geospatial

MISSISSAUGA, ON, Feb. 1  - Aeroquest International Limited ("Aeroquest") and OSI Geospatial Inc. ("OSI") announced today the acquisition by Aeroquest of the Mapcon Mapping group of companies from OSI, which closed on January 31, 2011. Mapcon provides LiDAR, photogrammetry and related geomatic services to customers in the North American marketplace. Mapcon consists of two entities: a Canadian sales, operations and project management team located in Burnaby, BC; and a United States sales team located in Salt Lake City, Utah. Mapcon generated approximately $4 million of revenue in its last fiscal year.

Total purchase price is $1.15 million subject to an adjustment to reflect the difference between estimated and actual net working capital at closing.

"We are very excited to welcome the Mapcon group to Aeroquest," said Roy Graydon, President & CEO of Aeroquest. "Mapcon's staff in Burnaby, BC and Salt Lake City, Utah will provide an excellent complement to the Aeroquest Optimal business with minimal overlap of customers. This transaction will also allow us to leverage capacity within the entire aerial geomatics group."

"The divestiture of our mapping operations directly supports our strategy to focus on the development of our maritime systems business." said Ken Kirkpatrick, President and CEO of OSI Geospatial. "We are pleased that we have completed the mapping transaction and strongly believe this is the right decision for the company."

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