OSI Systems Receives $18 Million Contract to Enhance Airport Security Infrastructure

Rhea-AI Summary

OSI Systems, Inc. (OSIS) has been awarded an $18 million contract by an international airport for various security solutions, including explosive detection and screening systems. The contract also includes multi-year maintenance and support. Chairman and CEO, Deepak Chopra, expressed enthusiasm for the opportunity to enhance airport security standards and improve the overall passenger experience.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division was awarded a contract from an international airport for approximately $18 million to provide various checkpoint and hold baggage screening solutions. Among the systems to be provided are the RTT^® 110 (Real Time Tomography) explosive detection system for screening hold baggage, Metor^® Walk-Through Metal Detector, and Itemiser^® 5X explosive trace detection system for secondary screening of passengers. As part of this award, the Company is also engaged to provide comprehensive multi-year maintenance, service, and support.

OSI Systems’ Chairman and CEO, Deepak Chopra, commented, "We are delighted to work with this major airport customer and look forward to providing our inspection system platforms with advanced technologies that are designed to achieve the highest airport security standards, enhancing both the safety and the overall experience of air passengers.”

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/20231130880168/en/

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

310-349-2237

avashishat@osi-systems.com

Source: OSI Systems, Inc.

FAQ

What contract did OSI Systems, Inc. (OSIS) recently receive from an international airport?

OSI Systems, Inc. (OSIS) was awarded an $18 million contract to provide various checkpoint and hold baggage screening solutions to an international airport.

What security solutions are included in the contract awarded to OSI Systems, Inc. (OSIS) by the international airport?

The contract includes the RTT® 110 explosive detection system, Metor® Walk-Through Metal Detector, and Itemiser® 5X explosive trace detection system for screening hold baggage and passengers.

Who is the Chairman and CEO of OSI Systems, Inc. (OSIS)?

Deepak Chopra is the Chairman and CEO of OSI Systems, Inc. (OSIS).

What is the ticker symbol for OSI Systems, Inc.?

The ticker symbol for OSI Systems, Inc. is OSIS.