HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (NASDAQ: OSIS) today announced that the Company has
commenced the operations phase with the Government of Albania to provide
turnkey cargo and vehicle security screening services at multiple sites
throughout the country. The Company currently anticipates total revenues
to be approximately €200 million over the multi-year term of the
agreement.
OSI Systems' CEO, Deepak Chopra, stated, "We are excited to get started
with the initial sites and support the Government of Albania to address
its need to secure its ports and land crossings, and enhance the
Government's capability to interdict contraband and undeclared
materials. We look forward to ramping up the program throughout Fiscal
2016."
Under the agreement with the Government of Albania, the Company will
provide a comprehensive X-ray screening program, including staffing,
training, systems integration, operations and maintenance utilizing
Rapiscan's high energy X-ray screening equipment at sites throughout
Albania.
Mr. Chopra concluded, "With Albania now operational, along with the
Puerto Rico and Mexico turnkey programs, we continue to innovate and
differentiate ourselves in the turnkey solutions space where we expect
to experience additional growth."
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.
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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 expected revenues. In
addition, the Company could be exposed to a variety of negative
consequences as a result of delays related to the award of domestic and
international contracts; delays in customer programs; delays in revenue
recognition related to the timing of customer acceptance; changes in
domestic and foreign government spending, budgetary, procurement and
trade policies adverse to the Company's businesses; unfavorable currency
exchange rate fluctuations; market acceptance of the Company's
new and existing technologies, products and services; the Company's
ability to win new business and convert any orders received to sales
within the fiscal year in accordance with the Company's operating plan;
enforcement actions in respect of any noncompliance with laws and
regulations including export control and environmental regulations and
the matters that are the subject of some or all of the Company's ongoing
investigations and compliance reviews, contract and regulatory
compliance matters, and actions, if brought, resulting in judgments,
settlements, fines, injunctions, debarment or penalties, as well as
other risks and uncertainties, including but not limited to those
detailed herein and from time to time in the Company's Securities and
Exchange Commission filings 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/20151013005793/en/
OSI Systems, Inc.
Ajay Vashishat, 310-349-2237
Vice
President, Business Development
avashishat@osi-systems.com
Source: OSI Systems, Inc.
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