HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that Albanian Customs and State Police, facilitated by the OSI Systems’ turnkey scanning program, seized 1,350 pounds of cocaine being smuggled into Albania. The narcotics were hidden in a false floor of a produce shipment, and were detected by Rapiscan Eagle® scanning systems operated by the Company’s S2 Albania subsidiary. Albanian State Police estimate the value of the seizure to be $220 million.
The Company’s turnkey scanning program has been deployed in multiple countries and in each case has a proven track record of benefits, including:
- Significantly reducing the trafficking of contraband, including narcotics, weapons and currency
- Increasing accuracy in declaration of imported and exported goods, leading to accurate payment of duties and significant fiscal benefit to sponsoring governments
- Improving transparency and speed at customs checkpoints, benefiting international cargo shippers
- Enhancing public safety
The Company deploys image analysts trained through a proprietary S2 University™ process to analyze scan images and alert law enforcement to specific anomalies. The programs use the Company’s proprietary CertScan® system to match scan images to identifying data such as cargo manifests, vehicle license plates and customs declarations, so that shippers pay only legally required duties at customs inspection points.
OSI’s Chief Executive Officer, Deepak Chopra, stated, “The February 27 seizure in Albania adds to the solid track record of our integrated services programs in impacting duties evasion and international trafficking of contraband, in Albania and elsewhere. We’re proud to support Albanian Customs and State Police in their continuing efforts to combat such illicit activities.”
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
Related news link: Albania seizes 613 kilos of Colombia cocaine, holds two
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, projections and similar expressions concerning matters that are not historical facts and are not guarantees of future performance. Forward-looking statements involve uncertainties, risks, assumptions and contingencies, many of which are outside OSI Systems’ control that may cause actual results to differ materially from those described in or implied by any forward-looking statements. All forward-looking statements 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.
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