OSI Systems Announces Retirement of Director
OSI Systems Announces Retirement of DirectorOSI Systems, Inc. (Nasdaq:OSIS) today announced that Mr. Madan Syal has retired from its Board of Directors effective June 30, 2004. The 78-year old Mr. Syal has served as a Director of the company since its inception in 1987. Mr. Syal has accepted an invitation to continue his involvement with the company as a member of OSI Systems Healthcare Group's Advisory Committee, which is currently being formed.
"We would like to thank Mr. Syal for his service and dedication to the company for nearly two decades. He has made very valuable contributions towards our track record of success," stated Deepak Chopra, Chairman and CEO of OSI Systems. "We are pleased that he will continue to contribute to the future growth of our healthcare group through an advisory board post."
At the present time, the company does not have plans to fill this Board of Directors seat.
About OSI Systems Inc.
OSI Systems Inc. is a Hawthorne, California based diversified global developer, manufacturer and seller of security and inspection systems, medical monitoring products, and optoelectronic-based components, as well as a provider of engineering and manufacturing services. 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. OSI Systems 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.
"This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding our intentions regarding the formation of an OSI Systems Healthcare Group Advisory Committee and the number of available seats on the company's board of directors. The actual results may differ materially from those described in or implied by any forward-looking statement. Other important factors are set forth in our Securities and Exchange Commission filings. All forward-looking statements speak only as of the date made, and we undertake no obligation to update these forward-looking statements."