OSI Systems Completes Acquisition of American Science and Engineering
12 September 2016 - 9:05PM
Business Wire
OSI Systems, Inc. (NASDAQ: OSIS) today announced that it has
completed its previously announced acquisition of American Science
and Engineering, Inc. (“AS&E”), a leading provider of detection
solutions for advanced cargo, parcel, and personnel inspection. OSI
Systems acquired all issued and outstanding shares of AS&E for
$37.00 per share in cash and assumed certain unvested AS&E
equity awards for a total purchase price of approximately $269
million. With this acquisition, OSI Systems’ security offerings now
include additional inspection systems based on X-ray backscatter
technology, including the Z Backscatter® Van (ZBV®) and the MINI Z®
portable backscatter based inspection system.
Deepak Chopra, OSI Systems’ Chairman and Chief Executive
Officer, said, “We are pleased to complete our acquisition of
AS&E and look forward to continue delivering compelling value
and service to our customers worldwide with an expanded portfolio
of screening solutions for port, border, aviation and critical
infrastructure security.”
About OSI Systems, Inc.
OSI Systems, Inc. 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. It combines more than 30 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, Inc. or any of its
subsidiary companies, visit www.osi-systems.com. News Filter:
OSIS-G
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. All
statements other than historical facts included in this press
release, including, but not limited to, the expected benefits of
the transaction, prospective performance and future business plans,
and any assumptions underlying any of the foregoing, are
forward-looking statements. These statements are based on current
expectations and projections of future events and reflect beliefs
and assumptions that are based on OSI Systems' perception of
historical trends, current conditions and expected future
developments as well as other factors management believes are
appropriate in the circumstances. If underlying assumptions prove
inaccurate or unknown, or unknown risks or uncertainties
materialize, actual results could vary materially from OSI Systems'
expectations and projections. Risks and uncertainties include,
among other things, that the integration of AS&E's business
into OSI Systems is not as successful as expected; the
failure to realize anticipated synergies and cost-savings; the
failure of OSI Systems to achieve the expected financial
and commercial results from the transaction; other business
effects, including effects of industry, economic or political
conditions outside either company's control; transaction costs;
actual or contingent liabilities; as well as other cautionary
statements contained elsewhere herein and in the reports filed
by OSI Systems with the Securities and Exchange
Commission, including OSI Systems' annual report for the year
ended June 30, 2016. These forward-looking statements reflect
OSI Systems' expectations and projections as of the date of this
press release. OSI Systems undertakes no obligation to update
the information provided herein to reflect any change in OSI
Systems' expectations or projections with regard thereto or any
change in events, conditions or circumstances on which any such
information is based.
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version on businesswire.com: http://www.businesswire.com/news/home/20160912005202/en/
OSI Systems, Inc.Ajay Vashishat, 310-349-2237Vice
President, Business Developmentavashishat@osi-systems.com
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