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PITTSBURGH, Feb 05, 2010 (BUSINESS WIRE) -- Geospatial Holdings, Inc. (OTC BB: GSPH), today announced that the Company has been awarded a contract, along with the Gas Technology Institute and others, to "provide research to improve the detection and accurate determination of the positions of buried utilities within an expanded, locatable (deep) zone up to Quality Level B" from the Transportation Research Board (TRB) of the National Academies. Total funding for the project is approximately $1.6 million. The project is scheduled to run through March of 2012.
The TRB project objectives are to improve the detection and accurate determination of the positions of buried utilities due to crowded near-surface utility space and new construction seeking deeper locations for safer installation.
"Geospatial's Smart Probe(TM) Mapping Technologies provide key innovation components to realizing TRB's objective, as we currently deliver 3D mapping to a complete range of utility operators, with no limitations on depth, length, or pipeline materials. This research will further facilitate specialized uses and capabilities of the technology," states Mark Smith, CEO of Geospatial Holdings, Inc. He also added, "This initiative will provide broad industry benefits, and potentially enhance procedures and develop standards for deep pipeline location and mapping throughout the U.S."
About Geospatial Holdings, Inc.
Geospatial Holdings, Inc., a Pittsburgh, Pennsylvania-based company, through its wholly-owned subsidiaries across the U.S., is a solutions provider for the underground infrastructure industry. Using proven mapping and locating systems technologies, we successfully and accurately map XYZ centerline coordinates and create three-dimensional maps and Geographic Information System (GIS) databases. Geospatial is the exclusive provider of innovative, proprietary technologies and services throughout North America, South America and Australia.
As the number of underground systems increases and the need for replacing aging subsurface infrastructure continues, it is critical to identify the specific location of the utilities and conduits to assist in modifications, upgrades, retrofits, and replacements. Our precision technology gives our clients in the oil and gas, electric, municipal services (water and sewer), telecommunications, electrical transmission, GIS and Horizontal Directional Drilling (HDD) markets fast, cost-effective solutions, which minimize disruptions while enhancing customer satisfaction. We also offer solutions and technology to industry service providers including engineers, consultants and constructors regarding critical infrastructure issues.
For more information on Geospatial, go to www.geospatialholdings.com.
About the Gas Technology Institute
The Gas Technology Institute (GTI) is a not-for-profit research and development (R&D) organization. For more than 65 years, GTI has been the leader in the development and deployment of technology solutions that contribute to a secure, abundant and affordable future. GTI provides economic value to the energy industry and its customers, while supporting government in achieving policy objectives. To date, GTI programs have resulted in nearly 500 products, 750 licenses and more than 1,200 associated patents.
For more information about the Gas Technology Institute go to www.gastechnology.org.
About the Transportation Research Board of the National Academies
The Transportation Research Board of the National Academies is one of six major divisions of the National Research Council a private, nonprofit institution that is the principal operating agency of the National Academies in providing services to the government, the public, and the scientific and engineering communities. The National Research Council is jointly administered by the National Academy of Sciences, the National Academy of Engineering, and the Institute of Medicine. TRB's varied activities annually engage more than 7,000 engineers, scientists, and other transportation researchers and practitioners from the public and private sectors and academia, all of whom contribute their expertise in the public interest by participating on TRB committees, panels and task forces. The program is supported by state transportation departments, federal agencies including the component administrations of the US Department of Transportation, and other organizations and individuals interested in the development of transportation.
For more about the TRB go to www.trb.org.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
SOURCE: Geospatial Holdings, Inc.
Geospatial Holdings, Inc.
Mark A. Smith, 724-353-3410
Chief Executive Officer
msmith@geospatialcorporation.com
or
The Investor Relations Group
212-825-3210
Jason Strominger (Investor Relations)
jason@investorrelationsgroup.com
or
Adam Holdsworth (Investor Relations)
adam@investorrelationsgroup.com
or
Robin O'Malley (Public Relations)
robin@investorrelationsgroup.com
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