INVN $9.75 NEWS!--- InVision Technologies Announces $9.3 Million EDS Purchase From Milan
Order Represents First Installation in Italy
NEWARK, Calif.--(BUSINESS WIRE)--Oct. 4, 2001--InVision Technologies, Inc. (Nasdaq:INVN - news) said today it has received an order valued at approximately $9.3 million for its CTX 9000DSi Explosive Detection Systems (EDS) for installation at Malpensa Airport in Milan, Italy.
This new contract represents the company's first order from Italy. Revenues from the order will be recorded over several quarters, beginning with the fourth quarter of 2001. The customer is Societa Esercizi Aeroportuali SpA, the corporation responsible for managing Milan's two airports.
``Milan's Malpensa Airport is a major international gateway to Italy and Europe. We are proud to serve this prestigious customer with our CTX systems, which will be integrated into the baggage handling systems, providing a highly automated security system,'' said Sergio Magistri, president and chief executive officer of InVision.
``This order is clear testimony to Italy's and the European Community's strong commitment to aviation security and to the deadline for implementing the ECAC regulations -- which call for 100 percent screening of all checked baggage,'' he added.
InVision Technologies develops, manufactures, markets and supports EDS systems based on advanced Computed Tomography (CT) technology to provide the traveling public with the best security against terrorism available. The company, which offers a family of EDS systems with capabilities for smaller airports to large hubs, has more than 90 percent of the worldwide certified EDS market, and has shipped more than 250 FAA-certified CTX systems worldwide.
InVision's wholly owned subsidiary, Quantum Magnetics, develops and commercializes patented and proprietary technologies, including Quadrupole Resonance (QR) patents licensed from the Naval Research Laboratory that are based on state-of-the-art, low-cost versions of magnetic resonance adapted for explosives detection. This includes Quantum's QScan (R) line of aviation scanners and other explosive detection devices under development, including a hand-held wand and a prototype walk-through portal to screen airline passengers for explosives. Quantum's QR technology is considered to be the most promising landmine detection technology and the company is developing devices under multi-year contracts with the U.S. military. Quantum is also developing passive magnetic concealed weapons detection portal systems for aviation passenger screening.
Additionally, InVision is active in the forest products industry through Inovec, its wholly owned subsidiary which manufactures and markets scanning optimization and control systems for the industry and has more than 600 systems installed worldwide. In addition, through WoodVision the company continues to develop its CT technology for wood scanning. Additional information about InVision can be obtained on the company's web site at invision-tech.com.
This news release contains forward-looking statements, including statements regarding projected revenues and plans relating to the company's products and services. Investors are cautioned to consider the important risk factors that could cause actual results to differ materially from those in the forward-looking statements in this news release. These risk factors include risks inherent to doing business with public agencies, such as limited funding; risks inherent in manufacturing and delivering products on time; risks inherent in the development of new products and new applications; and other risks detailed from time to time in the company's SEC reports, including the most recent reports on Forms 10-Q and 10-K. |
