OSI Systems Receives Order Cancellation Notice for Advanced Technology Aviation Checkpoint Inspection Systems
December 05 2013 - 5:40PM
Business Wire
OSI Systems, Inc. (NASDAQ:OSIS), today announced that its
security division, Rapiscan Systems, was notified by the U.S.
Transportation Security Administration (TSA) that a delivery order
placed with Rapiscan on September 26, 2013 for Advanced Technology
X-Ray (AT-2) based systems was being terminated for default. As a
result, the Company has de-booked this order which had a value of
approximately $60 million. TSA further stated it will issue a
revised solicitation for the systems in the future.
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. 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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