26 Sep 2017
OSI Systems Receives Orders of Approximately $16 Million for Explosive Trace Detection (ETD) Systems
Approx $16 Million for Explosive Trace Detection (ETD) Systems
Sep 26, 2017
OSI SYSTEMS RECEIVES ORDERS OF APPROXIMATELY $16 MILLION FOR EXPLOSIVE TRACE DETECTION (ETD) SYSTEMS
HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the "Company" or "OSI Systems") (NASDAQ: OSIS) today announced that its Security division has received orders valued at approximately $16 million for ETD systems and related supplies and accessories from multiple customers, including several major airlines that seek to comply with the recent U.S. Department of Homeland Security (DHS) directive for enhanced screening on U.S. bound passenger flights.
In July 2017, DHS announced an enhanced security directive, requiring additional passenger screening at greater than 200 final points of departure to the United States. In response to this directive, air carriers were given various alternatives to achieve the additional screening measures, including the utilization of ETD systems. The Company has ramped up production, installation, training and program management teams to support increased demand as a result of this directive.
OSI Systems' Chairman and CEO, Deepak Chopra, commented, "We are proud to assist with this important DHS security directive, which is designed to improve security on flights into the U.S., and to announce that several leading airlines have chosen to partner with us."
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, 2017 and other risks described therein and in documents subsequently filed by OSI Systems from time to time with the Securities and Exchange Commission.
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OSI Systems, Inc.
Vice President, Business Development
Source: OSI Systems, Inc.
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