OSI Systems Receives $27 Million Order to Provide Support Services for Cargo and Vehicle Inspection Systems
September 26 2024 - 7:30AM
Business Wire
OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ:
OSIS) today announced that its Security division received a
contract with an initial order valued at approximately $27 million
from a U.S. based customer for maintenance service and technology
support for its installed base of Rapiscan® cargo and vehicle
inspection systems. In addition to the initial order, which is
expected to be completed in fiscal 25, this contract award also
includes four option periods over approximately three years valued
at $117 million in total if all are exercised by the customer.
OSI Systems’ Chairman and CEO, Deepak Chopra, commented, “We
appreciate this award and are committed to continuing to support
this customer's security needs.”
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:
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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, 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. Undue reliance should not be placed on
forward-looking statements, which 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: https://www.businesswire.com/news/home/20240926292143/en/
OSI Systems, Inc. Ajay Vashishat Vice President, Business
Development 310-349-2237 avashishat@osi-systems.com
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