Rapiscan Systems Receives Approximately $3 Million in Initial Contract Awards
May 25, 2010 Torrance, CA
Rapiscan Systems, a leading supplier of security inspection systems, today announced that it has received initial contract awards to supply air cargo inspection systems to two major international airlines. The contracts have a combined value of approximately $3 million.
"We are pleased that both these airlines have selected Rapiscan Systems as their security screening solution provider. With over 15 years of experience serving the aviation market, we believe we offer air cargo companies the broadest range of TSA approved screening systems and the deepest expertise in the industry."
Under the terms of the agreements, Rapiscan will be the primary supplier of air cargo screening systems to both major international airlines. Delivery of the inspection systems will be expedited in order to help the companies meet the Transportation Security Administration's (TSA) Certified Cargo Screening Program (CCSP), which requires 100 percent inspection of all cargo carried in passenger aircraft.
OSI Systems (Rapiscan's parent company) Chairman and CEO, Deepak Chopra, stated, "We are pleased that both these airlines have selected Rapiscan Systems as their security screening solution provider. With over 15 years of experience serving the aviation market, we believe we offer air cargo companies the broadest range of TSA approved screening systems and the deepest expertise in the industry."
Rapiscan Systems is a leader in the air cargo security screening market, having built successful relationships with both commercial firms and government agencies around the world. The Company has a number of X-ray based systems that have already been named to the TSA's Air Cargo Qualified Technology List (ACQTL) for Air Cargo Inspection, including the Rapiscan 620DV, Rapiscan 627DV, Rapiscan 632DV, Rapiscan 638DV, Rapiscan 620XR, Rapiscan 627XR and Rapiscan 628XR.
Rapiscan is providing many of its TSA approved air cargo inspection technologies under these contracts. The systems, including the Rapiscan 632DV, 620DV-AT and Rapiscan 627XR, are specifically tailored for the high volume inspection requirements of the air cargo industry. The solutions provide best in class imaging and additional software features that enable fast and secure inspection of various cargo commodities and sizes ranging from ?per piece? inspection to scanning skids and netted cargo.
About Rapiscan Systems
Rapiscan Systems, a division of OSI Systems, Inc. is a leading supplier of 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 70,000 security and inspection systems. The Rapiscan Systems product line is manufactured at four locations and supported by a global support service network. The company was recognized for its market leadership with one of the United Kingdom's most prestigious distinctions The Queen's Awards for Enterprise and named by Frost & Sullivan as the 2008 North American Homeland Security Inspection and Screening Company of the Year. 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 contracts to provide its inspection 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 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.
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