HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (the "Company" or "OSI Systems") (NASDAQ: OSIS)
provides the following statement in response to a report this morning by
short-sellers "Muddy Waters Research". While the Company would not
customarily respond to misleading allegations from short sellers, this
particular report has had an undue impact in the public sphere and
warrants a response.
We begin by noting that our turnkey security inspection programs in
Mexico and in Albania were the result of public tenders. Both have
resulted in enhanced security, increased seizures of contraband, and
improved transparency in customs declarations, significantly benefiting
both countries.
Our Albania turnkey security inspection program is operated in
partnership with ICMS, a local company with civil works construction
capabilities in Albania, with a profit share in accordance with the
terms of our agreement with ICMS. ICMS implemented all civil works
construction for the program. As such, both we and ICMS made significant
capital investments toward the implementation of the program in a value
well beyond the par value of shares.
Our Mexico turnkey security inspection program operates security
inspection checkpoints at multiple critical sites across Mexico as
designated by the government. The program has resulted in significant
seizures of high-value contraband. The Company has previously stated
that we are in discussions with the government towards the extension of
the program under a reduced revenue rate.
OSI Systems, Inc., through its Security Division, is a leading provider
of security inspection technologies and services. We count among our
clientele many of the leading security agencies in the world, including
in the U.S. federal government.
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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, 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/20171206006240/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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