OSI Systems Commences Operations in Albania for Turnkey Screening Services
By Business Wire News
By Business Wire News
OSI Systems, Inc. (NASDAQ: OSIS) today announced that the Company has commenced the operations phase with the Government of Albania to provide turnkey cargo and vehicle security screening services at multiple sites throughout the country. The Company currently anticipates total revenues to be approximately €200 million over the multi-year term of the agreement.
OSI Systems’ CEO, Deepak Chopra, stated, “We are excited to get started with the initial sites and support the Government of Albania to address its need to secure its ports and land crossings, and enhance the Government’s capability to interdict contraband and undeclared materials. We look forward to ramping up the program throughout Fiscal 2016.”
Under the agreement with the Government of Albania, the Company will provide a comprehensive X-ray screening program, including staffing, training, systems integration, operations and maintenance utilizing Rapiscan’s high energy X-ray screening equipment at sites throughout Albania.
Mr. Chopra concluded, “With Albania now operational, along with the Puerto Rico and Mexico turnkey programs, we continue to innovate and differentiate ourselves in the turnkey solutions space where we expect to experience additional growth.”
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications. The Company sells its products and provides related services in diversified markets, including homeland security, healthcare, defense and aerospace. The Company has more than 30 years of experience in electronics engineering and manufacturing and maintains offices and production facilities in more than a dozen countries. The Company 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. News Filter: OSIS-G
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to the Company’s current expectations, beliefs, projections and similar expressions concerning matters that are not historical facts and are not guarantees of future performance.Forward-looking statements involve uncertainties, risks, assumptions and contingencies, many of which are outside the Company’s control and which may cause actual results to differ materially from those described in or implied by any forward-looking statement. Such statements include, but are not limited to, information provided regarding expected revenues. In addition, the Company could be exposed to a variety of negative consequences as a result of delays related to the award of domestic and international contracts; delays in customer programs; delays in revenue recognition related to the timing of customer acceptance; changes in domestic and foreign government spending, budgetary, procurement and trade policies adverse to the Company’s businesses; unfavorable currency exchange rate fluctuations;market acceptance of the Company’s new and existing technologies, products and services; the Company’s ability to win new business and convert any orders received to sales within the fiscal year in accordance with the Company’s operating plan; enforcement actions in respect of any noncompliance with laws and regulations including export control and environmental regulations and the matters that are the subject of some or all of the Company’s ongoing investigations and compliance reviews, contract and regulatory compliance matters, and actions, if brought, resulting in judgments, settlements, fines, injunctions, debarment or penalties, as well as other risks and uncertainties, including but not limited to those detailed herein and from time to time in the Company’s Securities and Exchange Commission filings which could have a material and adverse impact on the Company’s business, financial condition and results of operations. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made.The Company assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent it is required to do so in connection with its ongoing requirements under federal securities laws.
OSI Systems, Inc.
Ajay Vashishat, 310-349-2237
Vice President, Business Development