OSI Systems Awarded $9.3 Million Delivery Order For TSA’s Advanced Technology Program
October 4, 2007 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, has been awarded a $9.3 million contract from the Transportation Security Administration (TSA) for its 620DV Advanced Technology X-ray systems.
The contract, representing half of the total systems currently ordered by TSA, follows successful piloting of Advanced Technology (AT) Passenger Carry-On Bag Screening Systems at select airport locations. Under the terms of the agreement, the Company expects to begin delivering the systems to the TSA in the second quarter of the Company's fiscal year.
Rapiscan Systems President, Ajay Mehra, stated, We are pleased to be working closely with the TSA in this critical program. This program represents the deployment of one of the most advanced technologies available today for passenger checkpoint screening. The Rapiscan 620DV system is designed specifically to detect aviation based threats while improving checkpoint operations.
About OSI Systems, Inc.
OSI Systems, Inc. and its subsidiaries 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. 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 companys 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 companys expectations, goals or intentions about the future, including, the companys contract with the TSA for advanced technology checkpoint systems. The actual results may differ materially from those described in or implied by any forward-looking statement. In particular, the timing, and delivery of the X-ray 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
Jeremy Norton Director of Investor Relations
12525 Chadron Ave
Hawthorne CA 90250
Tel: (310) 349 2237