- Receives First Delivery Order for $61 Million
HAWTHORNE, Calif.--(BUSINESS WIRE)--Oct. 15, 2018--
OSI
Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today
announced that its Security division 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 IDIQ contract is valued up to $67 million. The Company also
received the first delivery order under the IDIQ contract valued at
approximately $61 million. The Z Portal systems are expected to be
deployed for homeland security applications at multiple border locations.
OSI Systems’ Chairman and CEO, Deepak Chopra, commented, “We are pleased
to continue to support CBP’s critical mission with our Z Portal systems
that aid in the safe and effective screening of vehicles and cargo at
high-traffic locations.”
About Z Portal Cargo and Vehicle Screening Systems
The Z
Portal system is a drive-through inspection system for large trucks,
buses and cargo containers and incorporates the Company’s proprietary
source and detector innovations in a more compact design, enabling
improved image quality at higher throughput rates.
About OSI Systems
OSI Systems 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.
The Company combines more than 40 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 or
its subsidiary companies, visit www.osi-systems.com.
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Forward-Looking Statements
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, and projections
concerning matters that are not historical facts. Forward-looking
statements are not guarantees of future performance and involve
uncertainties, risks, assumptions, and contingencies, many of which are
outside OSI Systems’ control and which may cause actual results to
differ materially from those described in or implied by any
forward-looking statements. Undue reliance should not be placed on
forward-looking statements, which 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’ most recently filed Annual Report on Form 10-K and other
risks described therein and in documents subsequently filed by OSI
Systems from time to time with the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181015005339/en/
Source: OSI Systems, Inc.
OSI Systems, Inc.
Ajay Vashishat
Vice President,
Business Development
310-349-2237
avashishat@osi-systems.com
