OSI Systems, Inc. Awarded $4 Million in Military Training Systems Contracts.Business Editors HAWTHORNE, Calif.--(BUSINESS WIRE)--Nov. 4, 2002 OSI Systems, Inc. (Nasdaq:OSIS OSIS Open Source Information System (now Intelink-U; US DOD) OSIS Ocean Surveillance Information System OSIS One-Stop Internet Shop (European Union) OSIS Open Scriptural Information Standard ) today announced that its majority-owned defense electronics subsidiary RapiTec, Inc. has been awarded three sub-contracts totaling $4 million to design, build and provide contractor logistic support (CLS) for training equipment for use by the US Army and an undisclosed international customer. Shipments are scheduled to last through October 2003. The $4 million in total subcontracts are from three prime contractors. Inter-Coastal Electronics, Mesa, Arizona, under their prime contract with the U.S. Army Simulation, Training and Instrumentation Command (STRICOM STRICOM Simulation Training and Instrumentation Command STRICOM Simulation, Training & Instrumentation Command (US Army) ) Omnibus Contract (STOC STOC Symposium on Theory of Computing STOC ST1100 Owners Club (Honda Motorcycle) STOC Special Technical Operations Center (US DoD) STOC Special Tactics Operations Center STOC Ships Technical Operating Committee ), has increased their order to RapiTec by $2.6 million for added quantities on the production contract for Multiple Integrated Laser Engagement System The Multiple Integrated Laser Engagement System or MILES is used by the United States Armed Forces and other armed forces around the world for training purposes. It uses lasers and blank cartridges to simulate actual battle. (MILES) compatible eye-safe laser training components for the AH-64D AH-64D Apache Attack Helicopter, D version, with Longbow radar improvements Apache Longbow Tactical Engagement Simulation A Tactical Engagement Simulation (TES) is a training system for using weapons. Laser transmitters are used instead of bullets, larger rounds, or shorter-range guided weapons such as anti-tank missiles. System (Longbow TESS TESS Trademark Electronic Search System (US Patent and Trademark Office) TESS Texas Excavation Safety System TESS The Exponential Security System (RFC 1824) TESS Toxic Exposure Surveillance System ). The second award is from Scientific Research Corporation, Atlanta, Georgia for $1.2 million for the design and production of a Land Mine Effects Simulator for use at the US Army's National Training Center at Fort Irwin, California. The third award is from Universal Systems and Technology, Vienna, Virginia for $250,000 to provide depot maintenance and repair of the US Marine Corps' MILES 2000 training equipment. Wayne Magill, RapiTec's Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said, "These awards solidify our position as a leader in the domestic and international market for aviation training equipment. These programs further expand our full capabilities from engineering design to production and logistic support of fielded systems. These programs continue our expansion of the business base we have established." Incorporated in 1999 as a subsidiary of OSI Systems, Inc., RapiTec (www.rapitec.com) was founded in order to capitalize on the opportunities present in the emerging weapons simulation sector. The company's products leverage OSI Systems silicon photodetector foundry and manufacturing capabilities in conjunction with internally developed 904 nanometer coded laser modules. About OSI Systems, Inc. OSI Systems, Inc. is a diversified global developer, manufacturer and seller of optoelectronic-based components and systems. The Company has over 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 about OSI Systems, Inc., or any of its subsidiary companies, please visit www.osi-systems.com. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. |
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