HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (the "Company" or "OSI Systems") (NASDAQ: OSIS) today
announced that, as a follow on to its existing contract, OSI Systems'
Security division has signed a new two-year agreement with Servicio de
Administración Tributaria (SAT), Mexico's tax and customs authority, to
continue providing security inspection services through a wide-ranging
program utilizing cargo and vehicle screening systems throughout Mexico.
"The anticipated sales from the new agreement are consistent with our
expectations, which were reflected in the financial guidance for fiscal
2018 we previously provided," said OSI Systems' Chairman and CEO, Deepak
Chopra. The agreement is for a value of up to $130 million over a
two-year period beginning January 14, 2018, subject to currency
fluctuations and variation in scope.
Mr. Chopra commented, "We are excited to continue the very successful
border security screening program in Mexico that we started in 2012.
This contract is a testament to the performance of our technology and
our people, and the significant role this program has played in public
safety and in law enforcement efforts against the smuggling of
contraband."
Pursuant to the agreement, the Company will continue to operate a
comprehensive x-ray screening program incorporating technology,
staffing, systems integration, and maintenance support at sites
throughout Mexico.
About OSI Systems
OSI Systems is a vertically integrated designer and manufacturer of
specialized electronic systems and components for critical applications
in the homeland security, healthcare, defense and aerospace industries.
The Company combines more than 40 years of electronics engineering and
manufacturing experience with offices and production facilities in more
than a dozen countries to implement a strategy of expansion into
selective end product markets. For more information on OSI Systems or
any of its subsidiary companies, visit www.osi-systems.com.
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Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements
relate to OSI Systems' current expectations, beliefs, projections and
similar expressions concerning matters that are not historical facts and
are not guarantees of future performance. Forward-looking statements
involve uncertainties, risks, assumptions and contingencies, many of
which are outside OSI Systems' control that may cause actual results to
differ materially from those described in or implied by any
forward-looking statements. All forward-looking statements are based on
currently available information and speak only as of the date on which
they are made. OSI Systems assumes no obligation to update any
forward-looking statement made in this press release that becomes untrue
because of subsequent events, new information or otherwise, except to
the extent it is required to do so in connection with its ongoing
requirements under Federal securities laws. For a further discussion of
factors that could cause OSI Systems' future results to differ
materially from any forward-looking statements, see the section entitled
"Risk Factors" in OSI Systems' most recently filed Annual Report on Form
10-K and other risks described therein and in documents subsequently
filed by OSI Systems from time to time with the Securities and Exchange
Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180116005783/en/
OSI Systems, Inc.
Ajay Vashishat
Vice President,
Business Development
310-349-2237
avashishat@osi-systems.com
Source: OSI Systems, Inc.
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