Rapiscan Completes Delivery of $10 Million Vehicle X-ray Inspection System to Hong Kong Customs and Excise Department.Business Editors HAWTHORNE, Calif.--(BUSINESS WIRE)--June 30, 2003 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 ): -- Most advanced cargo examination systems used in Special Administrative Region -- Systems to be operated around the clock to process boundary crossing vehicles Rapiscan Security Products, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of OSI Systems, Inc. (Nasdaq:OSIS) and a worldwide leader in providing security solutions, today announced that it has completed delivery of two Rapiscan 2000 Series Large Vehicles Cargo X-ray Systems (VCXS) for approximately $10 million to the Customs and Excise Customs and Excise n (BRIT) → Aduanas fpl y Arbitrios Customs and Excise n (Brit) → administration f des douanes Department of China's Hong Kong Special Administrative Region A special administrative region may be:
The award of this contract in June 2000 followed a major upgrade and technical support contract from the People's Republic of China for a previously installed VCXS system operated by the Chinese customs authority at Shenzhen, near Hong Kong. The current upgrade and support contract for the Shenzhen inspection site was granted to Rapiscan at the beginning of 1999, and subsequently renewed. "The completion of this project is a great milestone for our security group as well as for our company," said Deepak Chopra, OSI (1) (Open System Interconnection) An ISO standard for worldwide communications that defines a framework for implementing protocols in seven layers. Control is passed from one layer to the next, starting at the application layer in one station, proceeding to the Systems' Chairman and Chief Executive Officer. "We can now comfortably demonstrate the diversity of our product portfolio from small table-top X-ray scanners to this large, fixed-site inspection system." Chopra continued, "Furthermore, we are the only company that has the technological capability to deliver Gamma and X-ray inspection systems in addition to material specific Neutron Analysis-based scanners." The Rapiscan 2000 Series VCXS system is a fixed site, high performance X-ray system for screening large cargo vehicles. The system allows a fast, detailed inspection of fully loaded trucks and 20-foot and 40-foot containers. In addition to scanning the cargo, the system also images the vehicle structure, cab and engine compartment in great detail. Images are obtained in less than two minutes after a vehicle enters the system. The use of Rapiscan 2000 VCXS systems instead of manual searches eliminates the breakage and pilferage pilferage n. a crime of theft of little things, usually from shipments or baggage. (See: theft) associated with manual inspection, and can greatly expedite the movement of goods. Manual searches are considered labor intensive Labor Intensive A process or industry that requires large amounts of human effort to produce goods. Notes: A good example is the hospitality industry (hotels, restaurants, etc), they are considered to be very people-oriented. See also: Capital Intensive, Trading Dollars , slow and unpopular with shippers. About Rapiscan Security Products, Inc. Rapiscan Security Products, Inc. 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 Rapiscan product line, marketed under the Rapiscan, Metor, 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 (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and Manufacturing, Security, Medical and Fiber Optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber . 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 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 ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. 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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