OSI Systems Awarded $7.3 Million Contract for Multiple Relocatable Cargo Inspection Systems
March 31, 2008 Hawthorne, CA
OSI Systems, Inc. (NASDAQ: OSIS), a vertically integrated provider of specialized electronic products for critical applications in the Security and Healthcare industries, announced today that its Security division, Rapiscan Systems, had been awarded a $7.3 million contract from the United States Army for multiple relocatable Gamma Radiographic Detection Systems (GaRDS). The systems are to be deployed in multiple undisclosed international locations.
Ajay Mehra, President of Rapiscan Systems, stated, We are pleased to continue our expansion in the DoD cargo and vehicle inspection market. Our GaRDS product line was developed specifically for customers that need to detect a wide range of threats in challenging operational environments. This award demonstrates the growing demand within DoD for this type of solution and underscores our position as one of the leading providers of critical force protection equipment to U.S. forces overseas."
The Rapiscan GaRDS product line detects hidden contraband, including weapons, explosives, weapons of mass destruction, drugs and undeclared goods. The systems, available in fixed, mobile, relocatable and gantry configurations, have an intrinsically lower radiation field when compared to equivalent X-ray systems. They require a smaller operational area and exclusion safety zone than other inspection systems. Rapiscan Systems has deployed numerous GaRDS units to other parts of the United States and other government customers around the world.
About OSI Systems, Inc.
OSI Systems, Inc. is a diversified global developer, manufacturer and seller of security and inspection systems, medical monitoring and anesthesia delivery products, and optoelectronic-based components, as well as a provider of engineering and manufacturing services. 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. OSI Systems 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.
About Rapiscan Systems
Rapiscan Systems, a division of OSI Systems, Inc. is a leading supplier of high quality security inspection solutions utilizing X-ray and gamma-ray imaging, and advanced threat identification techniques such as neutron and diffraction analysis. The company's products are sold into four market segments; Baggage and Parcel Inspection, Cargo and Vehicle Inspection, Hold Baggage Screening and People Screening. The company has an installed base globally of more than 50,000 security and inspection systems. The Rapiscan Systems product line is manufactured at four locations and supported by a global support service network. For more information on Rapiscan Systems, please visit www.rapiscansystems.com.
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, the company's contract to deliver its Gamma Radiographic Detection System to the U.S. Government. The actual results may differ materially from those described in or implied by any forward-looking statement. In particular, the performance, timing, and delivery of the systems may not ultimately remain in line with the company's current expectations. 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.
For Further Information
OSI Systems Inc
Vice President, Investor Relations & Business Development
12525 Chadron Ave
Hawthorne CA 90250
Tel: (310) 349 2372