Rapiscan Announces $2.2 Million Order for Advanced Cargo Pallet Screening System for an Asian Location
HAWTHORNE, Calif., Oct. 16, 2002 -- Rapiscan Security Products, Inc., a wholly owned subsidiary of OSI Systems, Inc. (Nasdaq:OSIS), and a worldwide provider of comprehensive security solutions, today announced that Rapiscan has received an order for a cargo screening system representing approximately $2.2 million in sales. This system will be installed at an undisclosed location in Asia. Rapiscan expects to deliver the system within the next fiscal year ending June 30, 2003.
The system covered by the initial procurement order, designated the Advanced Cargo Pallet Screening System, will be used in a commercial freight-forwarding environment where a high volume of large cargo pallets must be screened rapidly. Each pallet passes through a tunnel in the air cargo screening system, which can handle most standard pallet configurations. The pallet will be X-rayed with Rapiscan technology, with the X-ray image undergoing computerized image enhancement before appearing on a computer screen for evaluation. Additional scanning technology will also be integrated into this system. The cargo screening system scans the entire pallet in one pass, comparing the resulting data with sophisticated computerized `threat models,' and assisting screening personnel to determine the location of potential suspect contents.
"We are pleased to announce another project for our large cargo group," said OSI Systems Chairman and CEO, Deepak Chopra. "This system represents an opportunity for us to demonstrate our ability to integrate multiple scanning technologies into one inspection platform. Our continued success especially in the international arena and in open competition with our competitors bodes well for our technology."
Rapiscan's large cargo scanning systems have gained increasing interest throughout the world, for use in preventing the infiltration of explosives, weapons, drugs, and other contraband, as well as for use by government agencies, in catching misrepresentations on shipping manifests, which deprives governments of tax revenue. Rapiscan's scanners are designed for locations such as air and sea-ports, land entry points, customs facilities, mail, freight or courier service installations.
Rapiscan constructs large cargo scanning systems to inspect items ranging from airplane pallets and Unit Load Devices (ULDs) to intermodal freight containers and entire trucks including tractor-trailer combinations. Rapiscan's X-Ray technology has been proven to be more effective than manual searches to rapidly compare contents with a cargo manifest. Rapiscan's systems remove the possibility of breakage and pilferage associated with manual inspection. Manual searches are also labor-intensive, slow and unpopular with shippers.
About Rapiscan Security Products, Inc.
Rapiscan Security Products, Inc., a wholly-owned subsidiary of OSI Systems, is a leading supplier of high quality X-ray screening and explosive detection systems. The company has delivered thousands of these detection systems to customers worldwide for use in airports, customs facilities, courthouses, government buildings, mail rooms, schools, prisons, embassies, and other locations. The OSI Systems line of security products, marketed under the Rapiscan, Metorex, and Secure 1000 brand names, is manufactured at four global locations and offers a wide range of security screening systems with diverse technologies. For more information on Rapiscan Security Products, Inc., please visit www.rapiscan.com.
About OSI Systems Inc.
OSI Systems Inc. is a diversified global developer, manufacturer and seller of optoelectronic-based components and systems. The company has more than 30 years of optoelectronics experience, and through its family of subsidiaries, competes in four specific growth areas: OEM Manufacturing, Security, Medical and Fiber Optics. For more information on OSI Systems Inc. or any of its subsidiary companies, visit www.osi-systems.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical facts are forward-looking statements that are subject to risks and uncertainties including those risks detailed in the company's Securities and Exchange Commission filings that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues; and a change in the demand for security systems based upon the ever changing domestic and international political climate.
--30--AMP/la* CONTACT: Typhoon Capital Consultants for OSI Systems Sanjay Sabnani, 310/349-2245 firstname.lastname@example.org