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InVision Technologies, Inc. Announces $148.6 Million Order From the Transportation Security Administration
NEWARK, Calif., Apr 2, 2002 (BUSINESS WIRE) -- InVision Technologies, Inc. (Nasdaq: INVN chart, msgs) today announced that the Transportation Security Administration of the Department of Transportation (TSA) has ordered 300 explosives detection systems, consisting of CTX 2500 and CTX 5500DS models, to be built from parts ordered in March. In addition, the TSA has ordered 100 more components kits. The TSA agreed to pay InVision $148.6 million for the manufacture of equipment and the additional component sets.
"We are pleased with this further opportunity to support the TSA's efforts to meet the requirements of the Aviation and Transportation Security Act," said Sergio Magistri, Ph.D., InVision's chief executive officer. "So far this year, the TSA has ordered 400 systems and 100 parts kits from InVision. The TSA has informed us that in addition to these orders and pending funding, they plan to order additional CTX 2500 and CTX 5500 DS systems."
This order calls for delivery of 300 CTX explosives detection systems (EDS) by the end of the third calendar quarter this year. Some of this equipment will be built outside of InVision's own factory, under a previously announced subcontract arrangement.
In connection with this order, InVision has agreed to grant to the TSA a limited license for other manufacturers to build CT-based EDS using InVision's technology. InVision agreed to grant this manufacturing license to assist the TSA in meeting the current national emergency by creating one or more "second sources" for EDS based on InVision's CTX technology. The license applies only to CTX 2500 and CTX 5500DS systems. This royalty-bearing license will be in effect for two years, and limits a manufacturer to building CT-based EDS solely for sale to the TSA. A licensed manufacturer will not be permitted to impair InVision's supply chain in the execution of this license. Further, for three years after the expiration of the license, the manufacturer will be precluded from selling CT-based EDS to any party.
InVision Technologies develops, manufactures, markets and supports explosive detection systems based on advanced Computed Tomography (CT) technology for civil aviation security. InVision, through its wholly owned subsidiaries, also develops and commercializes technologies used for other security purposes as well as scanning, optimization and control systems for the forest products industry. |
