if people don't think OSIS is the PLAYER they should read up on some of the old news- I think OSIS will get more orders than INVN and I think that INVN uses OSIS technology-maybe they have to pay OSIS for every sale??? Not sure...
HAWTHORNE, Calif.--(BUSINESS WIRE)--Oct. 4, 2001--OSI Systems
(Nasdaq:OSIS.Q):
-- Security product sales represent approximately 50% of OSI
Systems' revenue base
-- Rapiscan Airport locations include LAX, JFK and Heathrow
International Airport
Rapiscan Security Products Inc., a wholly owned subsidiary of OSI
Systems Inc. (Nasdaq:OSIS.Q), today announced that it has received an
approximate $1.4 million follow-on grant from the FAA's William J.
Hughes Technical Center under the agency's grants program for the
development of an automated explosives detection device.
This Phase II grant, toward the construction of a working
prototype device, follows a recently completed Phase I feasibility
study grant. The device is geared toward screening airline baggage,
both carry-on and checked, for the presence of explosives.
Deepak Chopra, chairman and CEO of OSI Systems, stated: "We are
very pleased to announce this FAA grant for the commencement of the
second phase of development of advanced explosives detection products
to increase aviation security. Rapiscan accounts for approximately 50%
of our yearly revenues of over $110 million.
"Our products are installed in over 100 countries worldwide, and
our airport installations include such key transportation hubs as Los
Angeles International, JFK International and Heathrow Airport.
"Rapiscan's wide range of security systems are used globally to
combat terrorism and smuggling. This recent award from the FAA follows
a previously announced Master Agreement with the FAA valued at up to
$40 million for the purchase of 800 X-ray screening systems.
"In June of this year, as part of this Master Agreement, we
announced a $6.9 million order from the FAA, which we are on track to
complete delivery of by the end of our fiscal 2002 second quarter,
which ends December 31, 2001."
About Rapiscan Security Products Inc.
Rapiscan Security Products is a leading supplier of high-quality
X-ray screening and explosive detection systems. The company has
delivered thousands of these detection systems to customers worldwide
for use in airports, customs facilities, courthouses, government
buildings, mail rooms, schools, prisons, embassies and other
locations.
The Rapiscan product line, marketed under the Rapiscan, Metor and
Secure 1000 brand names, is manufactured at four global locations and
offers a wide range of security screening systems with diverse
technologies. For more information on Rapiscan Security Products,
visit www.rapiscan.com.
About OSI Systems Inc.
OSI Systems is a diversified global developer, manufacturer and
seller of optoelectronic-based components and systems. The company has
more than 30 years of optoelectronics experience, and through its
family of subsidiaries, competes in four specific growth areas: OEM
Manufacturing, Security, Medical and Fiber Optics. For more
information on OSI Systems or any of its subsidiary companies, visit
www.osi-systems.com.
"Safe Harbor" Statement Under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release that are
not historical facts are forward-looking statements that are subject
to risks and uncertainties, including those risks detailed in the
company's Securities and Exchange Commission filings that could cause
actual results to differ materially from those set forth in or implied
by forward-looking statements. In addition to the factors discussed in
the filings with the Securities and Exchange Commission, among the
other factors that could cause actual results to differ materially are
the following: adverse changes in the business conditions and the
general economy; competitive factors, such as rival companies' pricing
and marketing efforts; availability of third-party material products
at reasonable prices; the financial condition of the customer; risks
of obsolescence due to shifts in market demand; and litigation
involving product liabilities and consumer issues.
--30--SJK/la* WAM/la
CONTACT: OSI Systems Inc., Hawthorne
Ajay Mehra, 310/978-0516
or
Typhoon Capital Consultants LLC, Santa Monica, Calif.
Sanjay Sabnani, 310/399-4059, ext. 101
KEYWORD: CALIFORNIA NEW YORK UNITED KINGDOM INTERNATIONAL EUROPE
INDUSTRY KEYWORD: TRAVEL AIRLINES HARDWARE SOFTWARE MANUFACTURING
SOURCE: OSI Systems Inc.
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
Copyright 2001, Business Wire |
