OSI Geospatial Inc. has been cleared in an investigation of its software revenue recognition.
The Ottawa-based navigational systems maker said the United States Securities and Exchange Commission (SEC) had completed its inquiry, and that there would be no impact on OSI Geospatial's reported financial results.
At the end of February, OSI Geospatial was forced to delay the release of its fiscal 2007 financial results when the investigation was launched by the regulator, after the company's auditors made approval of the results contingent on the results of the SEC inquiry.
The delay of the financial results led to a 14-day cease-trade order by the Ontario Securities Commission on OSI Geospatial's stock, although the order expired automatically shortly afterwards and the company was able to post its fiscal 2007 results in early March.
The company declined to comment further on the issue, with an OSI Geospatial spokesperson saying that the firm did not wish to cause misunderstanding of a complex revenue reporting issue.
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