OSI Systems Responds to Short Seller’s Report
December 06 2017 - 3:48PM
Business Wire
OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ:
OSIS) provides the following statement in response to a report this
morning by short-sellers “Muddy Waters Research”. While the Company
would not customarily respond to misleading allegations from short
sellers, this particular report has had an undue impact in the
public sphere and warrants a response.
We begin by noting that our turnkey security inspection programs
in Mexico and in Albania were the result of public tenders. Both
have resulted in enhanced security, increased seizures of
contraband, and improved transparency in customs declarations,
significantly benefiting both countries.
Our Albania turnkey security inspection program is operated in
partnership with ICMS, a local company with civil works
construction capabilities in Albania, with a profit share in
accordance with the terms of our agreement with ICMS. ICMS
implemented all civil works construction for the program. As such,
both we and ICMS made significant capital investments toward the
implementation of the program in a value well beyond the par value
of shares.
Our Mexico turnkey security inspection program operates security
inspection checkpoints at multiple critical sites across Mexico as
designated by the government. The program has resulted in
significant seizures of high-value contraband. The Company has
previously stated that we are in discussions with the government
towards the extension of the program under a reduced revenue
rate.
OSI Systems, Inc., through its Security Division, is a leading
provider of security inspection technologies and services. We count
among our clientele many of the leading security agencies in the
world, including in the U.S. federal government.
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Forward-Looking Statements
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 Systems 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 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’ most recently filed Annual Report on Form 10-K 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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version on businesswire.com: http://www.businesswire.com/news/home/20171206006240/en/
OSI Systems, Inc.Ajay VashishatVice President, Business
Development310-349-2237avashishat@osi-systems.com
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