HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (NASDAQ: OSIS), a vertically-integrated provider of
specialized electronics and services, today announced that the
Government of Albania has awarded its Security Division, Rapiscan
Systems, a fifteen-year contract to provide turnkey cargo and vehicle
security screening services at various sites throughout the country.
OSI Systems' CEO, Deepak Chopra, stated, "This significant award from
Albania to provide turnkey screening services builds upon similar
long-term agreements awarded by the Puerto Rico ports authority and
Mexico's tax and customs authority. Our strategy of expanding our
security offerings beyond the manufacture and sale of screening and
detection equipment by providing comprehensive turnkey screening
services continues to be well received in the marketplace. Our
experience and capability to develop and integrate leading edge
inspection technologies coupled with our depth of operational expertise
is unmatched in the industry and we believe makes us uniquely qualified
to secure and manage such complex programs."
Under the program, Rapiscan Systems intends to provide a comprehensive
X-ray screening program, which will incorporate technology, staffing,
systems integration, and maintenance support at sites
throughout Albania. These operational capabilities are intended to
enhance the Albanian government's capability to interdict contraband and
undeclared materials. The Company currently anticipates that total gross
revenues may range from $150 million - $250 million over the term of the
agreement. Actual revenues could differ significantly from the range
provided as the generation of revenue is based upon the volume of cargo
and other factors.
Ajay Mehra, President of Rapiscan Systems, stated, "The Albanian
government's initiative to secure its ports and land crossings
represents another significant step in the security inspection arena. We
are proud to have been selected to execute this critical program. Our
selection reinforces the attractiveness and compelling value of our
turnkey service model."
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 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 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.
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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, that may cause actual
results to differ materially from those described in or implied by any
forward-looking statement, including, but not limited to, the
operational and performance risks associated with the Company's
implementation and management of a complex security-screening
infrastructure within Albania, the timing and amount of currently
projected revenues from this project, and whether the agreement runs
through the entire term. 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. 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 year ended June 30, 2013 and other risks described
in documents filed by the Company from time to time with the Securities
and Exchange Commission.
OSI Systems Inc.
Ajay Vashishat
Vice President,
Business Development
310-349-2237
avashishat@osi-systems.com
Source: OSI Systems, Inc.
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