OSI Systems Acquires Weapons Simulation Unit

HAWTHORNE, Calif., Sept. 23 --OSI Systems Inc., a maker of optoelectronic-based components and systems, announced today it has closed its acquisition of the weapons simulation business of Schwartz Electro-Optics Inc. (SEO) for $3.6 million in cash. SEO is an Orlando, Fla.-based designer and manufacturer of laser systems for the commercial and government markets.

OSI Systems acquired, through an asset purchase, SEO's laser-based weapon simulation systems business, including all associated technologies and intellectual property rights. The business's customers have included the Department of Energy, Wireless Systems Group of SAIC, Lockheed Martin Information Systems and Lockheed Martin Missiles and Fire Control. The business will be operated under the name OSI Defense Systems, and Wayne Magill will serve as president of this subsidiary. Magill has until now been COO of Rapitec Inc., also a subsidiary of OSI Systems.

"Combined, OSI Defense Systems and our existing weapons simulation equipment manufacturing subsidiary Rapitec give us a broad set of defense optoelectronic capabilities with which to address this marketplace," said Deepak Chopra, chairman and CEO of OSI Systems Inc. "We will focus on increasing our market share and offering even more value-added capabilities to our customers."

For more information, visit: www.osi-ds.com