OSI Systems and DHS Reach Favorable Resolution and Enter into Administrative Agreement
June 21 2013 - 1:12PM
Business Wire
OSI Systems, Inc. (NASDAQ: OSIS), today announced that its
Security division, Rapiscan Systems, and the Department of Homeland
Security (DHS) have entered into an Administrative Agreement that
settles issues relating to the Rapiscan Secure 1000SP Advanced
Imaging Technology system and associated Automated Target
Recognition software. With the signing of the Administrative
Agreement, Rapiscan can continue its current and future business
with U.S. federal government agencies.
OSI Systems Chief Executive Officer, Deepak Chopra, commented,
“We appreciated the opportunity to meet with DHS and we are pleased
to reach this outcome on an important issue for our organization.
We take pride in our role as a U.S. Government vendor and this
agreement allows us to continue to serve DHS, including TSA, and
other U.S. Government agencies as a leading security solutions
provider.”
About OSI Systems, Inc.
OSI Systems, Inc. is a provider of specialized electronic
systems and components for critical applications in the homeland
security, healthcare, defense and aerospace industries. We combine
more than 30 years of electronics engineering and manufacturing
experience with offices and production facilities in more than a
dozen countries to implement a strategy of expansion into selective
end product markets. For more information on OSI Systems Inc. or
any of its subsidiary companies, visit www.osi-systems.com. News
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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, that may cause actual
results to differ materially from those described in or implied by
any forward-looking statement. 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. 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 Quarterly Report on Form 10-Q for the
quarter ended March 31, 2013 and other risks described in documents
filed by the Company from time to time with the Securities and
Exchange Commission.
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