Rapiscan Systems Receives $13.2 Million in Contract Orders from the Transportation Security Administration
October 10 2006 - 7:00AM
Business Wire
OSI Systems, Inc. (NASDAQ:OSIS), a vertically-integrated provider
of specialized electronic products for critical applications in the
Security and Healthcare industries, announced today that its
Security division, Rapiscan Systems, received $13.2 million in
contract orders from the Transportation Security Administration
(TSA). Included in this total was: funding for Phase Two of the
TSA�s Security Technology Integrated Program (�STIP�), orders for
Threat Image Projection Ready X-Ray (TRX) systems and peripheral
equipment orders. On June 6, 2006, Rapiscan Systems announced that
it had been awarded an $800,000 grant from the TSA for Phase One of
the STIP for the development, testing and piloting of software to
network security equipment at 450 airports throughout the United
States. In Phase Two of the program, Rapiscan Systems will
implement the software throughout its installed base of checkpoint
X-ray systems, a project it expects to complete by the end of the
fiscal year. Rapiscan Systems President, Mr. Ajay Mehra, said,
"This contract underscores the ongoing relationship between the TSA
and Rapiscan to enhance aviation security. We applaud the TSA for
fostering public-private partnerships such as this as it allows
true collaboration in developing the most sophisticated,
comprehensive solutions to today's complex security challenges."
STIP is expected to provide more accurate and timely information to
key decision makers in the TSA. To do so, security equipment (metal
detectors, X-ray machines, explosive detection systems, etc.) can
be connected as a network, capable of sending data between
disparate sites and machines. The initiative will also allow
administrative and technical communications such as streamlined
security updates, alerting functions, remote maintenance and
monitoring and asset management. About OSI Systems, Inc. OSI
Systems, Inc. and its subsidiaries are a vertically integrated
designer and manufacturer of specialized electronic systems and
components for critical applications. The company sells its
products 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 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.
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. 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 the company�s expectations, goals or
intentions about the future, including, the company�s predictions
about the TSA�s STIP. The actual results may differ materially from
those described in or implied by any forward-looking statement. In
particular, the timing, and success of Phase Two of the Program may
not ultimately remain in line with the company�s current
expectations. Other important factors are set forth in the
Securities and Exchange Commission filings OSI Systems, Inc. All
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
statements. OSI Systems, Inc. (NASDAQ:OSIS), a
vertically-integrated provider of specialized electronic products
for critical applications in the Security and Healthcare
industries, announced today that its Security division, Rapiscan
Systems, received $13.2 million in contract orders from the
Transportation Security Administration (TSA). Included in this
total was: funding for Phase Two of the TSA's Security Technology
Integrated Program ("STIP"), orders for Threat Image Projection
Ready X-Ray (TRX) systems and peripheral equipment orders. On June
6, 2006, Rapiscan Systems announced that it had been awarded an
$800,000 grant from the TSA for Phase One of the STIP for the
development, testing and piloting of software to network security
equipment at 450 airports throughout the United States. In Phase
Two of the program, Rapiscan Systems will implement the software
throughout its installed base of checkpoint X-ray systems, a
project it expects to complete by the end of the fiscal year.
Rapiscan Systems President, Mr. Ajay Mehra, said, "This contract
underscores the ongoing relationship between the TSA and Rapiscan
to enhance aviation security. We applaud the TSA for fostering
public-private partnerships such as this as it allows true
collaboration in developing the most sophisticated, comprehensive
solutions to today's complex security challenges." STIP is expected
to provide more accurate and timely information to key decision
makers in the TSA. To do so, security equipment (metal detectors,
X-ray machines, explosive detection systems, etc.) can be connected
as a network, capable of sending data between disparate sites and
machines. The initiative will also allow administrative and
technical communications such as streamlined security updates,
alerting functions, remote maintenance and monitoring and asset
management. About OSI Systems, Inc. OSI Systems, Inc. and its
subsidiaries are a vertically integrated designer and manufacturer
of specialized electronic systems and components for critical
applications. The company sells its products 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 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. 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. 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 the company's
expectations, goals or intentions about the future, including, the
company's predictions about the TSA's STIP. The actual results may
differ materially from those described in or implied by any
forward-looking statement. In particular, the timing, and success
of Phase Two of the Program may not ultimately remain in line with
the company's current expectations. Other important factors are set
forth in the Securities and Exchange Commission filings OSI
Systems, Inc. All forward-looking statements speak only as of the
date made, and the company undertakes no obligation to update these
forward-looking statements.
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