Rapiscan Systems Awarded Contract for Approximately $5.0 Million for Multiple Hybrid Large Cargo & Vehicle Inspection Systems
23 August 2006 - 9:00PM
Business Wire
OSI Systems, Inc. (NASDAQ:OSIS) announced today that its security
division, Rapiscan Systems, has received an order for approximately
$5.0 million from an undisclosed international customer for
multiple hybrid cargo and vehicle inspection systems. The Company
expects to deliver the systems, which utilize both X-ray and
neutron based technologies, within fiscal 2007. The hybrid cargo
and vehicle inspections systems enable the customer to conduct a
two-phase inspection process. During the first phase of inspection
process, the contents of the container are scanned with the high
energy X-Ray imaging technology of the Rapiscan Eagle. The image is
then interpreted by the operator for manifest verification and
threat detection. If, during the inspection process, a suspicious
object is identified, the operator has the ability to scan the
object, during a second phase, with the proprietary
material-specific Thermal Neutron Analysis ("TNA") technology. The
TNA technology automatically produces a "red light/green light"
response for the operator indicating whether or not the suspicious
object is a threat. This process minimizes human error in image
interpretation and the associated cost incurred from having to
manually inspect the contents of the container. In conjunction,
these hybrid technologies, operating on a rail mounted gantry, will
inspect inbound cargo/trucks at an undisclosed international border
crossing. President of Rapiscan Systems, Ajay Mehra, stated, "We
are excited about this contract because it further enhances our
leadership and global presence in the cargo and vehicle inspection
market. We have always maintained our commitment to be the broadest
supplier of technologies for port and border security and screening
allowing us the flexibility to provide customized proprietary
hybrid security solutions to match the various security threats
faced by our customers." About OSI Systems, Inc. OSI Systems Inc.
is a Hawthorne, California based diversified global developer,
manufacturer and seller of security and inspection systems, medical
monitoring and anesthesia products, and optoelectronic devices and
value-added subsystems. 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 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 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 our expectations,
goals or intentions about the future, including, but not limited
to, statements regarding sales of a combined Rapiscan Eagle and TNA
technology hybrid cargo solution. The actual results may differ
materially from those described in or implied by any
forward-looking statement. In particular, there can be no assurance
that Rapiscan Systems will deliver the system in fiscal 2007, or
that future sales of hybrid cargo systems such as those described
herein will be significant. Other important factors are set forth
in our Securities and Exchange Commission filings. All
forward-looking statements speak only as of the date made, and we
undertake no obligation to update these forward-looking statements.
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