OSI Systems, Inc. (the "Company" or "OSI Systems") (NASDAQ: OSIS) today announced that its Security division received orders from one of its European distribution partners for approximately $10 million to provide multiple units of its RTT110 (Real Time Tomography) Explosive Detection System (EDS) for parcel screening applications.
"The explosive detection screening market as a whole has evolved in recent years and we have experienced continued success with our RTT 110 solution, as evidenced by the recent orders in both the aviation and air cargo space," said Deepak Chopra, OSI Systems' Chairman and CEO. The Company did not disclose further details, citing end-user confidentiality obligations.
The RTT employs a proprietary solid-state approach to provide high-resolution 3-D imaging, and its unique design allows the efficient inspection of hold baggage and air cargo. RTT has passed the European Civil Aviation Conference's (ECAC) HBS EDS Standard 3 threat detection requirement and has been deployed by numerous airports and air logistics providers.
About OSI Systems
OSI Systems 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. The Company combines more than 40 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 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 OSI Systems' current expectations, beliefs, and projections concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance and involve uncertainties, risks, assumptions, and contingencies, many of which are outside OSI Systems' control and which 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.
OSI Systems, Inc.
Ajay Vashishat, 310-349-2237
Vice President, Business Development