OSI Systems Receives Approximately $3 Million in Initial Contract Awards from Two Major International Airlines for Air Cargo Inspection Equipment
HAWTHORNE, Calif., May 25, 2010 (BUSINESS WIRE) -- OSI Systems, Inc. (NASDAQ: OSIS), a vertically-integrated provider of specialized electronic products for critical applications in the Security and Healthcare industries, today announced that its Security division, Rapiscan Systems, has received initial contract awards to supply air cargo inspection systems to two major international airlines. The contracts have a combined value of approximately $3 million.
Under the terms of the agreements, Rapiscan will be the primary supplier of air cargo screening systems to both major international airlines. Delivery of the inspection systems will be expedited in order to help the companies meet the Transportation Security Administration's (TSA) Certified Cargo Screening Program (CCSP), which requires 100 percent inspection of all cargo carried in passenger aircraft.
OSI Systems Chairman and CEO, Deepak Chopra, stated, "We are pleased that both these airlines have selected Rapiscan Systems as their security screening solution provider. With over 15 years of experience serving the aviation market, we believe we offer air cargo companies the broadest range of TSA approved screening systems and the deepest expertise in the industry."
Rapiscan Systems is a leader in the air cargo security screening market, having built successful relationships with both commercial firms and government agencies around the world. The Company has a number of X-ray based systems that have already been named to the TSA's Air Cargo Qualified Technology List (ACQTL) for Air Cargo Inspection, including the Rapiscan 620DV, Rapiscan 627DV, Rapiscan 632DV, Rapiscan 638DV, Rapiscan 620XR, Rapiscan 627XR and Rapiscan 628XR.
Rapiscan is providing many of its TSA approved air cargo inspection technologies under these contracts. The systems, including the Rapiscan 632DV, 620DV-AT and Rapiscan 627XR, are specifically tailored for the high volume inspection requirements of the air cargo industry. The solutions provide best in class imaging and additional software features that enable fast and secure inspection of various cargo commodities and sizes ranging from "per piece" inspection to scanning skids and netted cargo.
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 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. It 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. News Filter: OSIS-G
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 orders in the air cargo inspection market. The actual results may differ materially from those described in or implied by any forward-looking statement. 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.
SOURCE: OSI Systems, Inc.
OSI Systems, Inc.
Jeremy Norton
Vice President, Investor Relations
310-349-2372
jnorton@osi-systems.com
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