Systems Purchased with American Recovery and Reinvestment Act (ARRA) Funds Second Order Placed under $173 Million IDIQ Contract
Total Orders Received To Date Are Approximately $40M
HAWTHORNE, Calif., Apr 29, 2010 (BUSINESS WIRE) -- OSI Systems, Inc. (NASDAQ:OSIS), a vertically-integrated provider of specialized electronic products for critical applications in the Security and Healthcare industries, today announced that it has received an approximate $16 million order from the U.S. Transportation Security Administration (TSA) for multiple units of its Secure 1000 Single Pose Advanced Imaging Technology (AIT) systems--funded under the American Recovery and Reinvestment Act. This is the second order to be placed under Rapiscan's Indefinite Delivery, Indefinite Quantity (IDIQ) contract received from TSA in September 2009 for up to $173M.
The Secure 1000 Single Pose is on the Transportation Security Administration's Qualified Products List and is currently being deployed at airports throughout the U.S. The systems will be manufactured at the company's Ocean Springs, Mississippi facility.
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 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. News Filter: OSIS-G
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 the company's expectations, goals or intentions about the future, including, order that may be placed under the IDIQ contract issued to Rapiscan Systems. The actual results may differ materially from those described in or implied by any forward-looking statement. In particular, because the contract is an IDIQ arrangement, the Government may not ultimately place orders with Rapiscan Systems for the full contract amount. Other important factors are set forth in the Securities and Exchange Commission filings OSI Systems, Inc. All forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
SOURCE: OSI Systems, Inc.
OSI Systems Inc
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