InVision Technologies, Inc. Announces Orders for $105 Million from the Transportation Security Administration.Business Editors/High-Tech Writers
NEWARK, Calif.--(BUSINESS WIRE)--March 15, 2004
InVision Technologies, Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :INVN) today announced that the Transportation Security Administration (TSA TSA
See tax-sheltered annuity (TSA). ) of the U.S. Department of Homeland Security Noun 1. Department of Homeland Security - the federal department that administers all matters relating to homeland security
executive department - a federal department in the executive branch of the government of the United States (DHS DHS Department of Homeland Security (USA)
DHS Department of Human Services
DHS Department of Health Services
DHS Demographic and Health Surveys
DHS Dirhams (Morocco national currency) ) has ordered new CTX CTX Context (Management; Tandem)
CTX Centex Corporation (stock symbol)
CTX Corporate Trade Exchange
CTX Cholera Toxin
CTX Clinical Trial Exemption 9000 DSi explosives detection systems (EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. ) for integration into the baggage handling systems of certain airports in the United States List of airports in the United States, grouped by state or territory and sorted by city.
Due to the large number of airports in the United States, this page only lists public use airports providing scheduled passenger services with over 10,000 passenger boardings per year . The delivery order for the new systems is valued at $105 million, with an additional performance incentive of $3 million payable between now and March 2005. All systems in this order are anticipated to ship prior to December 31, 2004.
This is the second order by the TSA announced under a broader three-year purchase agreement signed in August 2003. Under terms of the agreement, the TSA has rights to purchase system options and accessories, engineering and installation support and up to 550 CTX units over a three-year term. InVision received an initial order of $54.8 million under this agreement in August 2003. The TSA has no obligation to place additional delivery orders or purchase additional engineering and installation support.
"This order is continuing evidence of our partnership with the TSA and airports to develop long-term in-line solutions that enhance efficiency and provide world-class security," said Sergio Magistri, Ph.D., InVision's President and Chief Executive Officer. "We believe there exists significant demand for additional EDS, particularly our CTX 9000 DSi model for integrated baggage handling systems. In the future, we look to leverage our large deployed base to combine computed tomography Computed tomography (CT scan)
X rays are aimed at slices of the body (by rotating equipment) and results are assembled with a computer to give a three-dimensional picture of a structure. with x-ray diffraction technology to become the next generation standard for explosives detection screening."
According to the TSA, this purchase is in support of Letters of Intent (LOIs) issued to several major U.S. airports. The LOI LOI Letter of Indemnity (international trade and carriage business)
LOI Letter Of Intent
LOI Loss On Ignition
LOI Letter of Inquiry
LOI Lack Of Information
LOI Lack of Interest
LOI Letter of Invitation
LOI List Of Items program was established to help defray airport costs associated with upgrading the efficiency and throughput of the checked baggage screening process.
About InVision Technologies, Inc.
InVision Technologies develops, manufactures, markets and supports explosives detection systems based on advanced computed tomography technology for civil aviation security. InVision's wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. Yxlon develops, manufactures, markets and supports automated X-ray based non-destructive testing systems for a wide range of industrial applications and X-ray based diffraction for explosives detection. InVision's wholly owned subsidiary Quantum Magnetics develops detection systems for weapons, narcotics, explosives and other threats based on quadrupole A quadrupole is one of a sequence of configurations of electric charge or gravitational mass that can exist in ideal form, but it is usually just part of a multipole expansion of a more complex structure reflecting various orders of complexity. resonance and other proprietary magnetic sensing technologies. InVision's wholly owned subsidiary Inovec develops, manufactures, markets and supports scanning, optimization and control systems for the forest products industry. Additional information about InVision can be obtained on the company's website at http://www.invision-tech.com.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding the potential value of the agreement with the TSA; the company's expectation that the delivery order will be paid from the $150 million 2004 EDS budget; anticipated delivery schedules; InVision's belief regarding demand for additional EDS, particularly its CTX 9000 DSi model; and the TSA's estimates regarding additional LOI programs. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that anticipated revenues may not be realized due to Congressional funding at levels below those anticipated in the agreement, the termination by the TSA of the agreement, the election by the TSA to not exercise all options available to it under the agreement or to not issue additional delivery orders under the agreement, and the cancellation by the TSA of all or a portion of its order; the risk that InVision does not timely manufacture and deliver its EDS units due to unforeseen difficulties with its manufacturing operations; the risk that InVision does not obtain in a timely manner components necessary to build the number of EDS units it expects to build due to the unavailability of components; the risk that the installation of in-line EDS and funding commitments for explosives detection screening and for LOI programs do not continue or do not continue at levels anticipated by the company due to Congressional funding at levels below those anticipated or due to the decision of Congress or airports to not adopt in-line EDS; and other risks detailed under the caption "Risk Factors" in InVision's most recent reports on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. and Form 10-Q Form 10-Q
See 10-Q. filed with the Securities and Exchange Commission. InVision is under no obligation, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Note to Editors: InVision, Quantum Magnetics, Inovec, Yxlon, CTX and CTX 9000 DSi are trademarks of InVision Technologies, Inc. or its subsidiaries.