OSI Systems Receives $5 Million Award for Port Security Solutions

Rhea-AI Summary

OSI Systems, Inc. (OSIS) has been awarded a $5 million contract from a Latin American customer for cargo and vehicle inspection solutions. The contract includes the installation and integration support of the Eagle® P60, Z Portal®, and VM500 drive-through inspection systems. Deepak Chopra, Chairman and CEO, emphasized the company's commitment to enhancing global security and meeting evolving security needs.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division was awarded a contract valued at approximately $5 million from a Latin American customer to provide cargo and vehicle inspection solutions, including installation and integration support. Among the solutions to be provided are the Eagle^® P60 high-energy, drive-through cargo and vehicle inspection system, Z Portal^® high-throughput, drive-through inspection system, and the VM500 drive-through radiation monitoring portal.

OSI Systems’ Chairman and CEO, Deepak Chopra, stated, “We are pleased to further our ongoing efforts to enhance global security and proud to offer our leading systems, which are designed to deliver efficient and accurate inspection of cargo and vehicles at port and border crossings. Our advanced technologies and leadership in security solutions are key to meeting customers' evolving security needs.”

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/20231121376839/en/

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

310-349-2237

avashishat@osi-systems.com

Source: OSI Systems, Inc.

FAQ

What contract was awarded to OSI Systems, Inc. (OSIS)?

OSI Systems, Inc. (OSIS) was awarded a $5 million contract from a Latin American customer for cargo and vehicle inspection solutions.

What products are included in the contract?

The contract includes the Eagle® P60 high-energy, drive-through cargo and vehicle inspection system, Z Portal® high-throughput, drive-through inspection system, and the VM500 drive-through radiation monitoring portal.

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 value of the contract awarded to OSI Systems, Inc. (OSIS)?

The contract awarded to OSI Systems, Inc. (OSIS) is valued at approximately $5 million.

What is the purpose of the awarded contract?

The purpose of the awarded contract is to provide efficient and accurate inspection of cargo and vehicles at port and border crossings to enhance global security.

What are the key technologies offered by OSI Systems, Inc. (OSIS)?

OSI Systems, Inc. (OSIS) offers advanced technologies and leadership in security solutions to meet customers' evolving security needs.