OSI Systems Awarded Approximately $30 Million In U.S. Government Contracts
October 3, 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 contracts totaling approximately $30 million from two U.S. Government Agencies for its Rapiscan Eagle Mobile, Rapiscan Eagle Gantry and Rapiscan Gamma Radiographic Detection Systems (GaRDS) Gantry systems.
Rapiscan Systems President, Ajay Mehra, stated, These orders highlight not only our broad product portfolio of cargo and vehicle inspection systems but our commitment to building our U.S. Government business. The systems are to be deployed domestically and internationally for the inspection of inbound and outbound shipping containers and trucks. We look forward to continuing to work closely with the U.S. Government to develop and deploy advanced security detection systems for critical national security initiatives.
Rapiscans Eagle and GaRDS product line are designed to accurately inspect shipping containers and trucks for hidden contraband, including weapons, explosives, weapons of mass destruction, drugs and undeclared goods at seaports and land border crossing. The Rapiscan Eagle's high-energy X-ray imaging system can produce a high-resolution image of a 40-foot container in less than 30 seconds dramatically reducing the need for time consuming manual inspections. Rapiscan Systems has deployed numerous high-energy X-Ray and GaRDS units within the United States and at other government installations throughout the world.
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 a global installed base of more than 50,000 security and inspection systems which is 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 two U.S. Government Agencies. 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 mobile cargo and vehicle inspection systems may not ultimately remain in line with the companys 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, Investor Relations
12525 Chadron Ave
Hawthorne CA 90250
Tel: (310) 349 2372