OSI Systems Receives $600 Million Award for Cargo and Vehicle Inspection Systems
March 20 2023 - 8:30AM
Business Wire
OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ:
OSIS) today announced that it has been notified of an award valued
at approximately $600 million, which includes 16% value added tax
(VAT), from Mexico’s Secretaría de la Defensa Nacional (SEDENA) for
cargo and vehicle inspection systems and related services. Under
the award, the Company is expected to provide a range of inspection
systems, including the Eagle® high energy and low energy cargo
inspection portals, the Carview® vehicle inspection system, and the
Certscan® multi-site integration platform, to inspect trucks,
buses, and cars at several Mexican customs border checkpoints at
the country’s northern and southern borders. The Company also
expects to support the civil works, training, and follow-on
maintenance.
OSI Systems’ Chairman and CEO, Deepak Chopra, commented, “We are
honored to receive this significant award and deeply appreciate the
trust and confidence that SEDENA has placed in us. With our
successful track record worldwide, particularly in customs and
border security initiatives, we possess a profound understanding of
how to effectively manage these complex projects.”
The award is subject to finalization and execution of definitive
agreements. The Company excludes VAT from bookings, backlog, and
revenues.
About Secretaría de la Defensa Nacional (SEDENA)
The Secretaría de la Defensa Nacional, or SEDENA, is Mexico's
federal government department responsible for organizing and
training the country's armed forces. Its main objective is to
ensure the defense of the Mexican territory, its people, and its
national sovereignty. The organization is headed by the Secretary
of National Defense, who is appointed by the president of
Mexico.
About OSI Systems
OSI Systems is a vertically integrated designer and manufacturer
of specialized electronic systems and components for critical
applications in the homeland security, healthcare, defense, and
aerospace industries. The Company combines more than 40 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 or any of its
subsidiary companies, visit www.osi-systems.com. News Filter:
OSIS-G
Forward-Looking Statements
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 OSI Systems’ current
expectations, beliefs, and projections concerning matters that are
not historical facts. Forward-looking statements are not guarantees
of future performance and involve uncertainties, risks,
assumptions, and contingencies, many of which are outside OSI
Systems’ control and which may cause actual results to differ
materially from those described in or implied by any
forward-looking statements. Undue reliance should not be placed on
forward-looking statements, which are based on currently available
information and speak only as of the date on which they are made.
OSI Systems 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 factors that could cause OSI Systems’ future results
to differ materially from any forward-looking statements, see the
section entitled "Risk Factors" in OSI Systems’ most recently filed
Annual Report on Form 10-K and other risks described therein and in
documents subsequently filed by OSI Systems from time to time with
the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230320005255/en/
OSI Systems, Inc. Ajay Vashishat Vice President, Business
Development 310-349-2237 avashishat@osi-systems.com
OSI Systems (NASDAQ:OSIS)
Historical Stock Chart
From Jun 2024 to Jul 2024
OSI Systems (NASDAQ:OSIS)
Historical Stock Chart
From Jul 2023 to Jul 2024