OSI Systems Receives Approximately $7 Million In Contract Orders From U.S. Government
May 10, 2007 Hawthorne, CA
Contract For Cargo & Vehicle Inspection Systems and Backscatter People Screening Products
Systems to be Deployed Globally
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, received approximately $7 million in contract orders from two undisclosed U.S. Government Agencies for its Eagle Gantry, Gamma Radiographic Detection Systems (GaRDS) Gantry and Secure 1000 systems. Delivery of the units will begin immediately.
Ajay Mehra, President of Rapiscan Systems, stated, We continue to grow our business with the U.S. Government. Our comprehensive product mix and global reach enables us the ability to tailor protection solutions for a variety of environments."
Rapiscan Systems Eagle is a high-performance 6 MeV X-ray inspection system that rapidly and accurately inspects containers and trucks at seaports and land border crossings. The Eagle's high-energy X-ray imaging system can produce a high-resolution image of a 20-foot container in less than 30 seconds. Even dense cargo can be clearly imaged dramatically reducing the need for time consuming manual inspections.
The Rapiscan Gamma product line detects hidden contraband, including weapons, explosives, weapons of mass destruction, drugs and undeclared goods. The systems 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. As with the Eagle, Rapiscan Systems has deployed numerous GaRDS units to other parts of the United States and other government customers around the world.
The Company's proprietary backscatter X-ray technology is embedded within the Rapiscan Secure 1000 personnel screener, a non-intrusive system designed to detect metallic and nonmetallic threat objects. The unit enables security personnel to detect ceramic, plastic, metallic, organic, and other contraband or security threats. It also provides a comprehensive body search in seconds, eliminating the need for intrusive and less-effective hands-on body searches by security personnel.
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 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 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 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 2237