InVision Technologies Announces New, Three-Year EDS Contract From France With Potential Value in Excess of $16 Million
First Two Orders for CTX 2500 Have Been Shipped
NEWARK, Calif.--(BUSINESS WIRE)--Sept. 21, 2001--InVision Technologies, Inc. (Nasdaq:INVN - news) today announced that it has received a new, three-year contract for its CTX 2500 Explosive Detection Systems (EDS) from France. The company said it has shipped two systems and related components and services valued at approximately $1.6 million under this contract. The company noted that this contract was a result of a tender initiated more than a year ago.
The company's line of CTX EDS systems, which are used to screen checked baggage for explosives, accounts for more than 90 percent of the FAA-certified systems installed worldwide. Nearly 250 of the company's EDS systems are installed in approximately 60 airports throughout the world.
This new contract, which has a potential value of more than $16 million, is the second agreement InVision has signed in the past year with the French Government's Service Technique des Bases Aeriennes (STBA). Last year, InVision received a contract with a potential value of more than $27 million for its CTX 9000DSi EDS Systems.
``We have been shipping our EDS devices to France for the past five years and this newest contract is further evidence of our customer's positive results with our EDS systems,'' said Sergio Magistri, president and chief executive officer of InVision. ``With this order, we will have 15 systems installed at French airports. These include both our CTX 9000DSi device, which is the fastest FAA-certified EDS in the world, and the 2500 which is designed for small airports and low-traffic stations.''
``We continue to enhance our presence in Europe, where the deadline for implementation of the ECAC regulations, which calls for 100 percent screening of all checked baggage, is at the end of next year,'' he said.
Key strengths of InVision
-- 90 percent of the worldwide certified EDS market.
-- A family of EDS systems with capabilities for smaller
airports to large hubs.
-- More than $40 million in government funding booked in
2000.
-- Future growth opportunities based on proprietary
technologies.
-- Sufficient human and financial resources to perform.
Explosives and Weapons Detection Systems
-- EDS -- InVision's CTX systems account for more than 90
percent of the FAA certified systems installed worldwide.
InVision is continuing to expand its family of CTX systems
with the introduction of a low cost CTX platform developed
for the FAA's ARGUS program. In addition, the company is
well positioned to increase its presence in Europe as the
ECAC 2002 deadline for implementation of 100 percent hold
baggage screening approaches. In the Middle East, the
company is serving its most demanding customers, the State
of Israel and El Al Airlines. The company believes that
its market and product leadership, along with its ongoing
investments in development, will assure its continued
access in the EDS marketplace.
-- Landmine detection technology -- InVision's subsidiary,
Quantum Magnetics, possesses what is considered to be the
most promising landmine detection technology. Quantum has
a multiyear contract with the U.S. Army to develop
vehicle-mounted mine detection systems and a contract with
the Office of Naval Research to develop backpack-mounted
systems for the U.S. Marine Corps utilizing its patented
Quadrupole Resonance (QR) technology. The company believes
that this QR technology will prove to be an invaluable
asset for U.S. forces and, over time, will help to solve
the problem of 60 million abandoned landmines scattered
across three continents.
-- QR-based aviation security -- The landmine detection
program is synergistic with Quantum's efforts in aviation
security. Prime examples include Quantum's QScan(R) line
of aviation scanners and other new explosive detection
devices, including a hand-held wand and a prototype
walk-through portal to screen airline passengers for
explosives.
-- Concealed weapons detection -- In 2000, Quantum engineered
its passive and non-intrusive magnetic concealed weapons
detection portal hardware into a manufacturable product
and, as an OEM supplier, shipped a number of units. This
technology combines high detection probability with a low
rate of false alarms, which makes it attractive for
screening large numbers of people at entrances to both
secure facilities and public buildings.
-- Chemical and biological warfare -- With support from the
Chemical and Biological Defense Program of the U.S.
Department of Defense, Quantum has recently demonstrated
Quadrupole Resonance detection of a principal component of
anthrax spores. Anthrax spores represent a major
biological warfare threat.
Process Control Instrumentation
-- Process control instrumentation -- In 2000, Quantum
received a major contract from the U.S. Department of
Energy to develop its magnetic resonance technology to
improve energy efficiency in process control applications.
Quantum is focusing on developing systems to accurately
determine the moisture content of processed materials,
including lumber and wood products, paper pulp, food
products and fuels, such as coal.
Wood and Forest Product Systems
-- Inovec -- InVision's wholly owned subsidiary, Inovec,
develops, manufactures, markets and supports scanning,
optimization and control systems for the forest products
industry worldwide. Today, more than 600 systems have been
installed in mills worldwide to produce more lumber from
each log and to control product quality.
-- WoodVision -- InVision continues to develop its CT
technology for wood scanning. The company is focusing on
the planted wood market segment, which is a segment
forecasted to have the strongest growth over the next
decade. This particular application of the WoodVision
technology offers significant advantages, including
earlier entry to market and a lower degree of integration
with other sawmill equipment. In addition, the company has
discovered synergies between the moisture sensors at
Quantum and the WoodVision effort that could lead to an
array of new instruments to measure the water content of
wood, a primary interest in the wood industry.
InVision Technologies develops, manufactures, markets and supports explosive detection systems based on advanced Computed Tomography (CT) technology for civil aviation security. Today, over 250 FAA-certified CTX systems have been shipped worldwide to provide the traveling public with the best security against terrorism available. The company also develops, manufactures, markets and supports CT-based systems for other applications, including wood scanning and drug detection. InVision's wholly owned subsidiary, Quantum Magnetics, develops and commercializes patented and proprietary technologies. These include, but are not limited to, 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 explosive detection. InVision's wholly owned subsidiary, Inovec, develops, manufactures, markets and supports scanning, optimization and control systems for the forest products industry. Today, over 600 systems have been installed in mills worldwide to produce more lumber from each log and to control product quality. 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 to 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. |
