OSI Systems Awarded U.S. Customs and Border Protection IDIQ Contract Valued up to $64 million for Z Portal Cargo and Vehicle Screening Systems
First Delivery Order Received for $35 Million for Homeland Security Applications
HAWTHORNE, Calif., Oct. 24, 2016 (GLOBE NEWSWIRE) -- OSI Systems, Inc. (NASDAQ:OSIS) today announced that its recently acquired business, American Science and Engineering, Inc. (AS&E), has been awarded an indefinite delivery,
indefinite quantity (IDIQ) contract from U.S. Customs and Border Protection (CBP) for Z Portal® cargo and vehicle screening systems. The two-year Z Portal sole-source IDIQ contract is valued up to $64 million. AS&E also received the first delivery order under the IDIQ contract valued at approximately $35 million. The Z Portal systems are expected to be deployed for homeland security applications at multiple border locations.
"The recent AS&E acquisition immediately broadens our offerings for customs applications with proven backscatter-based solutions," said Deepak Chopra, OSI's Chairman and CEO. "The award follows the deployment of Z Portal systems on U.S. border crossings, where they are used to safely and effectively screen vehicles for explosive threats, drugs, and other contraband. We are pleased to receive this IDIQ award from CBP and look forward to continuing to support its critical counter-drug and
About Z Portal Cargo and Vehicle Screening Systems
The Z Portal system is the only drive-through cargo and vehicle inspection system that uses multiple detection technologies to provide up to six views of the vehicle under inspection. The Z Portal system incorporates AS&E's latest source and detector innovations in a more compact design, enabling
improved image quality at higher throughput rates in space-constrained locations such as checkpoints at congested border crossings.
About OSI Systems, Inc.
OSI Systems, Inc. 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. OSI combines more than 30 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, Inc. or any of its subsidiary companies, visit OSI Systems. News Filter: OSIS-G
Safe Harbor Statement
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' Annual Report on Form 10-K for the year ended June 30, 2016 and other risks described in documents filed by OSI Systems from time to time with the Securities and Exchange Commission.
OSI Systems, Inc.
Vice President, Business Development
Source: OSI Systems, Inc.
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