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January 17, 2013
19:06 EDTOSISOSI Systems announces agreement with TSA, to take $2.7M charge in Q4
OSI Systems announced that Rapiscan Systems, its Security division, has reached an agreement with the U.S. Transportation Security Administration regarding the Rapiscan Secure 1000SP Advanced Imaging Technology systems and Automated Target Recognition software. The agreement relates to the contract underlying the issues raised in a "show cause" letter delivered to the company by the TSA on November 9. The agreement results in the mutually-agreed conclusion of ATR software development for the Secure 1000SP, but continues Rapiscan's overall contract with TSA for AIT systems. The company expects to report a related $2.7M one-time impairment and other charge in the quarter ended December 31. While the company reached agreement with the TSA regarding the AIT/ATR contract, final resolution of the "show cause" letter is subject to Department of Homeland Security disposition.
News For OSIS From The Last 14 Days
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October 22, 2014
08:30 EDTOSISOSI Systems, DHS enter into addendum to administrative agreement
OSI Systems announced that its Security division, Rapiscan Systems, and the Department of Homeland Security have entered into an Addendum to the Administrative Agreement signed in June 2013. Among other compliance measures, the Addendum extends the duration of the Administrative Agreement. OSI Systems CEO, Deepak Chopra, commented, “We are pleased to have reached this agreement with DHS. U.S. federal government agencies are counted among our closest and longest standing customer relationships and we look forward to continuing to provide these customers with state of the art technologies and services in years to come.”

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