OSI Systems (NASDAQ:OSIS)
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Rapiscan Systems, a division of OSI Systems, Inc.
(Nasdaq:OSIS) announced today that it had received its first order for
the recently released Rapiscan MVXR5000 Inline Automated Hold Baggage
Screening System ("HBS") for checked baggage. The order was part of an
approximate $1 million contract the company received from an
undisclosed international customer. The order also included multiple
conventional X-ray baggage inspection systems and peripheral security
devices. It is expected that the systems will be delivered and
installed over the next three to six months.
The market for HBS Systems traditionally has been shared between
L3 Communications Holdings, Inc. and Smiths Heimann, a division of
Smiths Group, PLC. Rapiscan Systems intends to market its newly
released Rapiscan MVXR5000 to its established global aviation customer
base both for replacement cycle business and also new installations.
The company estimates that the aviation market for Inline HBS systems,
outside of the U.S., is approximately several hundred systems over the
next five years.
President of Rapiscan Systems Ajay Mehra stated, "We are pleased
today to announce our first order for the Rapiscan MVXR5000, our first
product offering in the Inline Automated HBS market. This order
highlights the company's ability to leverage its position as a global
leader in the aviation security market to drive sales in the HBS
market. We intend to continue leveraging this position and our
installed base of aviation x-ray systems as we market the Rapiscan
MVXR5000 globally."
Rapiscan Systems had announced on December 12, 2005 that the
Rapiscan MVXR5000 had been approved for use by the United Kingdom (UK)
Department for Transport ("DfT"). The DfT designation allows Rapiscan
Systems to sell the Rapiscan MVXR5000 system in the UK and
international aviation markets. The system provides the operator with
enhanced image and dual-energy X-ray images that enable automated
explosives detection.
About Rapiscan Systems
Rapiscan Systems, a division of OSI Systems, Inc., is a leading
supplier of high quality security inspection solutions utilizing X-ray
and gamma-ray imaging, and advanced threat identification techniques
such as neutron and diffraction analysis. The company's products are
sold into four market segments: Baggage and Parcel Inspection, Cargo
and Vehicle Inspection, Hold Baggage Screening and People Screening.
The company has an installed base globally of more than 50,000
security and inspection systems. The Rapiscan Systems product line is
manufactured at four locations and supported by a global support
service network. For more information on Rapiscan Systems, please
visit www.rapiscansystems.com.
About OSI Systems, Inc.
OSI Systems Inc. is a Hawthorne, Calif.-based diversified global
developer, manufacturer and seller of security and inspection systems,
medical monitoring and anesthesia products, and optoelectronic devices
and value-added subsystems. The company has more than 30 years of
experience in electronics engineering and manufacturing and maintains
offices and production facilities located in more than a dozen
countries. OSI Systems implements a strategy of expansion by
leveraging its electronics and contract manufacturing capabilities
into selective end product markets through organic growth and
acquisitions. For more information on OSI Systems Inc. or any of its
subsidiary companies, visit www.osi-systems.com.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
statements include information regarding our expectations, goals or
intentions about the future, including, but not limited to, statements
regarding sales of the Rapiscan MVXR5000 and the entry into and
performance of Rapiscan Systems in the hold baggage screening systems
market. The actual results may differ materially from those described
in or implied by any forward-looking statement. In particular, there
can be no assurance that Rapiscan Systems will be able to leverage its
position as a global leader in the conventional baggage screening
market to drive sales in the hold baggage screening market, that
Rapiscan Systems' internal estimates of global market opportunities
will prove accurate, that its current marketing plans will remain
constant, or that future sales of the MVXR5000 will occur or be
significant. Other important factors are set forth in our Securities
and Exchange Commission filings. All forward-looking statements speak
only as of the date made, and we undertake no obligation to update
these forward-looking statements.