HAWTHORNE, Calif.--(BUSINESS WIRE)--Mar. 8, 2018--
OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today
announced that Albanian Customs and State Police, facilitated by the OSI
Systems’ turnkey scanning program, seized 1,350 pounds of cocaine being
smuggled into Albania. The narcotics were hidden in a false floor of a
produce shipment, and were detected by Rapiscan Eagle®
scanning systems operated by the Company’s S2 Albania subsidiary.
Albanian State Police estimate the value of the seizure to be $220
million.
The Company’s turnkey scanning program has been deployed in multiple
countries and in each case has a proven track record of benefits,
including:
-
Significantly reducing the trafficking of contraband, including
narcotics, weapons and currency
-
Increasing accuracy in declaration of imported and exported goods,
leading to accurate payment of duties and significant fiscal benefit
to sponsoring governments
-
Improving transparency and speed at customs checkpoints, benefiting
international cargo shippers
-
Enhancing public safety
The Company deploys image analysts trained through a proprietary S2
University™ process to analyze scan images and alert law
enforcement to specific anomalies. The programs use the Company’s
proprietary CertScan® system to match scan images to
identifying data such as cargo manifests, vehicle license plates and
customs declarations, so that shippers pay only legally required duties
at customs inspection points.
OSI’s Chief Executive Officer, Deepak Chopra, stated, “The February 27
seizure in Albania adds to the solid track record of our integrated
services programs in impacting duties evasion and international
trafficking of contraband, in Albania and elsewhere. We’re proud to
support Albanian Customs and State Police in their continuing efforts to
combat such illicit activities.”
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
any of its subsidiary companies, visit www.osi-systems.com.
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seizes 613 kilos of Colombia cocaine, holds two
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, 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 OSI Systems’ control that may cause actual results to
differ materially from those described in or implied by any
forward-looking statements. All forward-looking statements 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: http://www.businesswire.com/news/home/20180308006451/en/
Source: OSI Systems, Inc.
OSI Systems, Inc.
Ajay Vashishat
Vice President,
Business Development
310-349-2237
avashishat@osi-systems.com
