OSI Systems Announces Multi-Year Agreement to Provide Automotive Electronic Assemblies
HAWTHORNE, Calif.--(BUSINESS WIRE)--
Systems, Inc. (NASDAQ: OSIS), a vertically-integrated provider of
specialized electronic products for critical applications in the
Security and Healthcare industries, today announced that OSI
Electronics, a business within its Optoelectronic and Manufacturing
division, has entered into an agreement to provide electronic
sub-assemblies to a major tier-one provider of automotive electronics.
This multi-year agreement is expected to generate annual sales of
approximately $10 million at full production run rate.
OSI Systems Chief Executive Officer, Deepak Chopra commented, "Our
global footprint and our continued investment in our manufacturing
capabilities has been the basis for many new avenues of growth. This
opportunity springs from this commitment and enhances our position in
the automotive market with a new customer."
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated designer and manufacturer
of specialized electronic systems and components for critical
applications. The Company sells its products in diversified markets,
including homeland security, healthcare, defense and aerospace. The
Company has more than 30 years of experience in electronics engineering
and manufacturing and maintains offices and production facilities
located in more than a dozen countries. It implements a strategy of
expansion by leveraging its electronics and contract manufacturing
capabilities into selective end product markets through organic growth
and acquisitions. For more information on OSI Systems Inc. or any of its
subsidiary companies, visit www.osi-systems.com.
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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 the Company's 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 the Company's control, that may cause actual
results may differ materially from those described in or implied by any
forward-looking statement. All forward-looking statements are
based on currently available information and speak only as of the date
on which they are made. The Company 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 these and other factors that could cause the
Company's future results to differ materially from any forward-looking
statements, see the section entitled "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended June 30, 2012 and other
risks described in documents subsequently filed by the Company from time
to time with the Securities and Exchange Commission.
OSI Systems Inc
Vice President, Business
Source: OSI Systems, Inc.
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