DHS Awards Rapiscan Systems $2.7 Million Contract for the Development of Radiological Threat Identification System
July 13 2005 - 7:00AM
Business Wire
Rapiscan Systems, a division of OSI Systems, Inc. (Nasdaq:OSIS),
today announced that the company was awarded a two-phase $2.7
million contract by the Homeland Security Advanced Research
Projects Agency (HSAPRA) for the development of the Rapiscan
Radiological Threat Identification System (RTIS(TM)). RTIS(TM) is
designed to automatically detect and identify radioactive materials
within cargo and vehicles utilizing gamma-ray spectroscopic
analysis of radioactive species. This process distinguishes between
radiological threats and benign Naturally Occurring Radioactive
Materials (NORM). As a result, the system facilitates the flow of
commerce because its false alarm rate is much lower than radiation
detection systems that cannot make the distinction. The Department
of Homeland Security (DHS) plans to deploy, on a large scale,
systems that detect the illicit movement of nuclear and other
radioactive materials at our nation's ports and border crossings.
As part of this multi-phase, competitive-bid initiative,
performance tests are scheduled to begin in the near future. The
field is then expected to narrow down to the top-three systems
followed by a large-scale acquisition planned for by the DHS. Ajay
Mehra, President of Rapiscan Systems, stated, "This announcement
signifies an advance in the next generation screening technologies
for radiological and nuclear threats. The new technology will be
designed to work either as a stand-alone portal monitor, or it can
be deployed in tandem with our image-based screening technologies
such as the advanced Eagle(R) X-ray technology, which is operating
in the Port of Baltimore." About Rapiscan Systems Rapiscan Systems,
a wholly owned subsidiary of OSI Systems, Inc., is a leading
supplier of high-quality security inspection solutions utilizing
X-ray and gamma-ray imaging and advanced-threat identification
techniques, such as neutron and diffraction analysis. The company's
products are sold into four market segments: Baggage and Parcel
Inspection, Cargo and Vehicle Inspection, Hold Baggage Screening
and People Screening. The company has an installed base globally of
more than 50,000 security and inspection systems. The Rapiscan
Systems product line, marketed under the Rapiscan and Metor brand
names, is manufactured at four locations and supported by a global
support service network. For more information on Rapiscan Systems,
please visit www.rapiscansystems.com. About OSI Systems, Inc. OSI
Systems, Inc. is a Hawthorne, Calif., based diversified global
developer, manufacturer and seller of security and inspection
systems, medical monitoring products and optoelectronic-based
components, as well as a provider of engineering and manufacturing
services. 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. OSI
Systems 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. 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 our expectations, goals or intentions
about the future, including, but not limited to, statements
regarding the growth of our install base of large cargo inspection
systems, or of the commercial acceptance of systems under
development. The actual results may differ materially from those
described in or implied by any forward-looking statement. In
particular, there can be no assurance that such growth will occur
either at their expected rates or at all. Other important factors
are set forth in our Securities and Exchange Commission filings.
All forward-looking statements speak only as of the date made, and
we undertake no obligation to update these forward-looking
statements.
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