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Receives $19 Million Initial Delivery Order from U.S. Customs and
Border Protection for Cargo and Vehicle Inspection Systems
HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (NASDAQ: OSIS) today announced that its security
division, Rapiscan Systems, was selected as a supplier on a 5-year
Indefinite Delivery Indefinite Quantity (IDIQ) contract by the U.S.
Customs and Border Protection (CBP) agency valued at up to $293 million
to provide Medium Energy Cargo and Vehicle Inspection (CVI) Systems.
Rapiscan is one of four suppliers selected by CBP for this IDIQ award.
The Company also received its first significant delivery order from this
IDIQ contract valued at approximately $19 million to provide one of the
Company's newest and most advanced Mobile Detection systems - the Eagle®
M25 Medium Energy Mobile CVI System.
OSI Systems' CEO, Deepak Chopra, stated, "We are excited to receive this
IDIQ and the first delivery order and look forward to supporting CBP
with its mission to secure our borders. Our Eagle CVI systems are
available in mobile and fixed configurations and deployed worldwide in a
broad array of applications."
OSI Systems' line of Eagle cargo and vehicle inspection systems are used
by customs agencies, military organizations and homeland security
worldwide because they provide outstanding image quality and threat
detection, while maximizing operational effectiveness. Eagle cargo and
vehicle inspection systems use proprietary transmission X-ray technology
that is able to penetrate well beyond the surface of a container or
vehicle to provide comprehensive detection of threats.
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 and provides related
services 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 in more than a dozen countries. The
Company 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.
News Filter: OSIS-G
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 and which may cause
actual results to differ materially from those described in or implied
by any forward-looking statement. Such statements include, but are not
limited to, information provided regarding the IDIQ, including sales
thereunder. In addition, the Company could be exposed to a variety of
negative consequences as a result of delays in the customer's programs;
delays in revenue recognition related to the timing of customer
acceptance; the Company's ability to convert any orders received to
sales within any particular fiscal quarter in accordance with the
Company's operating plans; as well as other risks and uncertainties,
including but not limited to those detailed from time to time in the
Company's Securities and Exchange Commission filings, any of which could
have a material and adverse impact on the Company's business, financial
condition and results of operations. 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 fiscal year ended June 30, 2015 and other risks described in
documents subsequently filed by the Company from time to time with the
Securities and Exchange Commission. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151001006912/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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