OSI Systems Receives Fifteen-Year Agreement to Provide Turnkey Screening Services in Albania
August 21 2013 - 9:20AM
Business Wire
OSI Systems, Inc. (NASDAQ: OSIS), a vertically-integrated
provider of specialized electronics and services, today announced
that the Government of Albania has awarded its Security Division,
Rapiscan Systems, a fifteen-year contract to provide turnkey cargo
and vehicle security screening services at various sites throughout
the country.
OSI Systems' CEO, Deepak Chopra, stated, "This
significant award from Albania to provide turnkey screening
services builds upon similar long-term agreements awarded by the
Puerto Rico ports authority and Mexico’s tax and customs
authority. Our strategy of expanding our security offerings beyond
the manufacture and sale of screening and detection equipment by
providing comprehensive turnkey screening services continues to be
well received in the marketplace. Our experience and capability to
develop and integrate leading edge inspection technologies coupled
with our depth of operational expertise is unmatched in the
industry and we believe makes us uniquely qualified to secure and
manage such complex programs."
Under the program, Rapiscan Systems intends to provide a
comprehensive X-ray screening program, which will incorporate
technology, staffing, systems integration, and maintenance support
at sites throughout Albania. These operational capabilities
are intended to enhance the Albanian government’s capability to
interdict contraband and undeclared materials. The Company
currently anticipates that total gross revenues may range from $150
million - $250 million over the term of the agreement. Actual
revenues could differ significantly from the range provided as the
generation of revenue is based upon the volume of cargo and other
factors.
Ajay Mehra, President of Rapiscan Systems, stated, "The Albanian
government's initiative to secure its ports and land crossings
represents another significant step in the security inspection
arena. We are proud to have been selected to execute this critical
program. Our selection reinforces the attractiveness and compelling
value of our turnkey service model."
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 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 located in more than a
dozen countries. It 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.
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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, that may cause actual
results to differ materially from those described in or implied by
any forward-looking statement, including, but not limited to, the
operational and performance risks associated with the Company’s
implementation and management of a complex security-screening
infrastructure within Albania, the timing and amount of currently
projected revenues from this project, and whether the agreement
runs through the entire term. 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. 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 year
ended June 30, 2013 and other risks described in documents filed by
the Company from time to time with the Securities and Exchange
Commission.
OSI Systems Inc.Ajay VashishatVice President, Business
Development310-349-2237avashishat@osi-systems.com
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