06 Sep 2017
OSI Systems Awarded $21 Million Delivery Order for Z Portal® Cargo and Vehicle Screening Systems
US Customs & Border Protection Order Z Portal® Cargo and Vehicle Screening Systems
Sep 6, 2017
OSI SYSTEMS AWARDED $21 MILLION DELIVERY ORDER FOR Z PORTAL® CARGO AND VEHICLE SCREENING SYSTEMS
HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the "Company" or "OSI Systems") (NASDAQ: OSIS) today announced that its Security division received a delivery order valued at approximately $21 million from U.S. Customs and Border Protection (CBP) to provide Z Portal® cargo and vehicle screening systems. The delivery order was issued under the indefinite delivery, indefinite quantity (IDIQ) contract received in October 2016 from CBP. The Company has now received approximately $56 million in orders under this IDIQ contract since its inception.
OSI Systems' Chairman and CEO, Deepak Chopra, stated, "We look forward to supporting this customer with the implementation of our proven Z Portal cargo inspection platform utilizing advanced backscatter technology."
About Z Portal® Cargo and Vehicle Screening Systems
The Z Portal® system is the only drive-through cargo and vehicle inspection system that uses multiple detection technologies to provide up to six views of the vehicle under inspection. The Z Portal® system incorporates the Company's proprietary source and detector innovations in a more compact design, enabling improved image quality at higher throughput rates.
About OSI Systems
OSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense and aerospace industries. The Company combines more than 40 years of electronics engineering and manufacturing experience with offices and production facilities in more than a dozen countries to implement a strategy of expansion into selective end product markets. For more information on OSI Systems or its subsidiary companies, visit www.osi-systems.com. News Filter: OSIS-G
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to OSI Systems' current expectations, beliefs, projections and similar expressions concerning matters that are not historical facts and are not guarantees of future performance. Forward-looking statements involve uncertainties, risks, assumptions and contingencies, many of which are outside OSI Systems' control that may cause actual results to differ materially from those described in or implied by any forward-looking statements. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. OSI Systemsassumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent it is required to do so in connection with its ongoing requirements under Federal securities laws. For a further discussion of factors that could cause OSI Systems' future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in OSI Systems' Annual Report on Form 10-K for the year ended June 30, 2016 and other risks described therein and in documents subsequently filed by OSI Systems from time to time with the Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170906005775/en/
OSI Systems, Inc.
Ajay Vashishat, 310-349-2237
Vice President, Business Development
Source: OSI Systems, Inc.
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