OSI Systems Awarded an IDIQ Contract Valued at up to $293 Million
02 October 2015 - 7:05AM
Business Wire
- Receives $19 Million Initial
Delivery Order from U.S. Customs and Border Protection for Cargo
and Vehicle Inspection Systems
OSI Systems, Inc. (NASDAQ: OSIS) today announced that its
security division, Rapiscan Systems, was selected as a supplier on
a 5-year Indefinite Delivery Indefinite Quantity (IDIQ) contract by
the U.S. Customs and Border Protection (CBP) agency valued at up to
$293 million to provide Medium Energy Cargo and Vehicle Inspection
(CVI) Systems. Rapiscan is one of four suppliers selected by CBP
for this IDIQ award. The Company also received its first
significant delivery order from this IDIQ contract valued at
approximately $19 million to provide one of the Company’s newest
and most advanced Mobile Detection systems – the Eagle® M25 Medium
Energy Mobile CVI System.
OSI Systems’ CEO, Deepak Chopra, stated, "We are excited to
receive this IDIQ and the first delivery order and look forward to
supporting CBP with its mission to secure our borders. Our Eagle
CVI systems are available in mobile and fixed configurations and
deployed worldwide in a broad array of applications."
OSI Systems’ line of Eagle cargo and vehicle inspection systems
are used by customs agencies, military organizations and homeland
security worldwide because they provide outstanding image quality
and threat detection, while maximizing operational effectiveness.
Eagle cargo and vehicle inspection systems use proprietary
transmission X-ray technology that is able to penetrate well beyond
the surface of a container or vehicle to provide comprehensive
detection of threats.
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated designer and
manufacturer of specialized electronic systems and components for
critical applications. The Company sells its products and provides
related services in diversified markets, including homeland
security, healthcare, defense and aerospace. The Company has more
than 30 years of experience in electronics engineering and
manufacturing and maintains offices and production facilities in
more than a dozen countries. The Company 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. 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 the Company's 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 the Company's control and which may cause
actual results to differ materially from those described in or
implied by any forward-looking statement. Such statements include,
but are not limited to, information provided regarding the IDIQ,
including sales thereunder. In addition, the Company could be
exposed to a variety of negative consequences as a result of delays
in the customer’s programs; delays in revenue recognition related
to the timing of customer acceptance; the Company's ability to
convert any orders received to sales within any particular fiscal
quarter in accordance with the Company's operating plans; as well
as other risks and uncertainties, including but not limited to
those detailed from time to time in the Company's Securities and
Exchange Commission filings, any of which could have a material and
adverse impact on the Company's business, financial condition and
results of operations. For a further discussion of these and other
factors that could cause the Company's future results to differ
materially from any forward-looking statements, see the section
entitled "Risk Factors" in the Company's Annual Report on Form 10-K
for the fiscal year ended June 30, 2015 and other risks described
in documents subsequently filed by the Company from time to time
with the Securities and Exchange Commission. All forward-looking
statements are based on currently available information and speak
only as of the date on which they are made. The Company assumes 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151001006912/en/
OSI Systems, Inc.Ajay VashishatVice President, Business
Development310-349-2237avashishat@osi-systems.com
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