Geospatial Holdings Concludes $9.5 Million Private Placement

Pittsburgh, Pennsylvania Private Placement New: Geospatial Holdings, Inc.  announced that it has recently closed a series of private placements of the Company’s common stock in the amount of approximately $9.5 million.

This amount includes the cancellation of $1,000,000 of indebtedness owed to Mark A. Smith, the Company’s Chief Executive Officer and the Chairman of the Board of Directors in exchange for the acquisition by Mr. Smith of 1,000,000 shares of the Company’s restricted common stock.

The sales took place pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended, provided by Regulation D. The purchasers were all accredited investors, and the Company conducted the private placements without any general solicitation or advertisement and with a restriction on resale. The restricted common stock was priced at $1.00 per share. No warrants or other purchase rights were issued as a part of this transaction.

About Geospatial Holdings, Inc.

Geospatial Holdings, Inc. through its wholly-owned subsidiary Geospatial Mapping Systems, Inc., doing business as Geospatial Corporation, utilizes proprietary technologies to determine the accurate location and position of underground pipelines, conduits and other underground infrastructure data allowing Geospatial to create accurate (3D) three-dimensional digital maps and models of all underground infrastructure.

Geospatial 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. www.marketwatch.com/story/geospatial-holdings-completes-95-million-private-placement-2010-03-25?reflink=MW_news_stmp

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