OSI Systems Awarded Two Contracts Totaling Approximately $16 Million for a Broad Range of Security Inspection Systems
HAWTHORNE, Calif. - June 16, 2008 - OSI Systems, Inc. (NASDAQ: OSIS), a vertically integrated provider of specialized electronic products for critical applications in the Security and Healthcare industries, announced today that its Security division, Rapiscan Systems, has been awarded contracts from two undisclosed international customers totaling approximately $16 million.
The first contract was for multiple Rapiscan Eagle Mobile high-energy X-ray cargo and vehicle inspection systems. The systems are expected to be deployed by local Customs Officials at various land borders for the inspection of inbound trucks for duty evasion and contraband.
The second contract consists of a broad range of security inspection systems including the Rapiscan Eagle Mobile, the Rapiscan MVXR 5000 automated hold baggage inspection system and a variety of baggage and parcel inspection X-ray systems. These systems are to be deployed at a major Middle Eastern international airport.
Ajay Mehra, President of Rapiscan Systems, stated, "We continue to expand our presence internationally for both our cargo and vehicle inspection and hold baggage screening systems. The ability to combine Cargo and Vehicle inspection and Hold Baggage Screening systems in the one order demonstrates the advantages of our broad product offering. We believe that the Rapiscan Eagle Mobile's combination of outstanding image quality and high penetration makes it an excellent solution for our security customers."
About OSI Systems, Inc.
OSI Systems, Inc. and its subsidiaries 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. 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 the company's expectations, goals or intentions about the future, including, the company's contract award with the TSA for advanced X-ray inspection systems. The actual results may differ materially from those described in or implied by any forward-looking statement. In particular, the timing, and delivery of the mobile cargo and vehicle inspection systems may not ultimately remain in line with the company's current expectations. Other important factors are set forth in the Securities and Exchange Commission filings OSI Systems, Inc. All forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
For Further Information
OSI Systems, Inc
Jeremy Norton
Vice President, Investor Relations & Business Development
12525 Chadron Ave
Hawthorne CA 90250
Tel: (310) 349 2237
E: jnorton@osi-systems.com