FLIR Systems Inks Multi-Million Dollar Deal With IRIS Systems
2 May 2000
FLIR Systems Inks Multi-Million Dollar Deal With IRIS Systems
PORTLAND, Ore.--May 2, 2000--Infrared Imaging Cameras To Be Deployed On Mobile Inspection Systems
For Commercial Vehicle Brake Inspection
Thermal Standards Inc., GM Canada Show
Their Support Of Inspection Program
FLIR Systems Inc. (Nasdaq: FLIR), the world leader in the design, manufacture and sales of infrared imaging systems for industrial, military and fire-fighting applications, announced that it has closed a $4.7 million sale with IRIS Systems (Infra-Red Inspection Systems) of Vancouver, British Columbia, Canada, for FLIR's multispectral imaging camera systems.
IRIS Systems will use FLIR's proprietary camera technology to inspect and monitor commercial vehicle's brakes, bearings and tires. The IRIS System is completely mobile, allowing operators to quickly move from one location to another. This $4.7 million sale represents the first delivery of cameras to IRIS Systems as they enter the first phase of their production. Government and the business community are offering their total support of the brake inspection program, making it one the most exciting and broad reaching applications for infrared to date.
A New Market With Tremendous Potential
The sale represents years of cooperative development and demonstrations with the U.S. Department of Transportation, law enforcement and commercial insurance companies. Additionally, industry experts suggest that infrared inspection of commercial vehicles in North America and abroad will experience tremendous growth over the next few years.
"We are pleased to have our camera playing such a key role in this advanced vehicle inspection system," said J. Kenneth Stringer, president and chief executive of FLIR Systems. "Our relationship with IRIS Systems is strengthened by a common goal to increase highway safety through multispectral technology and introduce the benefits of infrared to the world."
Saving Lives On America's Highways
The IRIS System is designed to make the inspection of commercial vehicle braking systems easier, faster and more efficient. Installed in a mobile unit, usually a mini-van, the IRIS System employs FLIR's multispectral imager and other OEM equipment including monitors, recorders and video printers, enabling inspectors to make accurate, on the spot, determination of malfunctioning braking systems and take appropriate action immediately. The system will virtually eliminate unnecessary manual inspection of braking systems that are functioning normally. In addition, the IRIS System can be used to monitor fluid leaks, wheel bearings and under-inflated tires which can lead to tire separation, a major cause of highway accidents.
"This is an exciting and rapidly expanding new market with huge potential," said George McKay, president of IRIS Systems. "FLIR's reputation for producing quality systems is well-documented. FLIR Systems' cameras provide the superior image, compact design and world renowned support we were searching for in an OEM. We look forward to working with FLIR as we move towards improving highway safety."
Business, Government Support Program in Major Fashion
Law enforcement, federal and state transportation inspectors, insurance companies and reporting agencies intend to use the IRIS System to inspect, monitor and document commercial vehicle braking infractions which are known to be widespread. Thermal Standards Inc., a Canadian company responsible for maintaining and managing a database of commercial vehicle entities throughout North America, will use the IRIS System to record vehicle information for insurance companies seeking risk management valuation data. In support of the IRIS program, Thermal Standards recently negotiated a deal with GM Canada for the purchase of 150 vans that will, in turn, be sent to IRIS for custom design. GM Canada also announced that it plans to donate marketing dollars towards the vehicle brake inspection concept.
About IRIS Systems
IRIS Systems, based in Vancouver, British Columbia, Canada, is leading the way in the development of passive infrared inspection systems. For more information, consult the company's Web site at www.irisystems.com.
About Thermal Standards Inc.
Thermal Standards Inc. of Arnprior, Ontario, Canada, supplies risk management valuation information to the commercial insurance industry. Its Web site is www.thermalstandards.com.
About FLIR Systems
FLIR Systems Inc. (Nasdaq: FLIR) designs, manufactures and markets infrared imaging systems worldwide for a variety of applications. FLIR's imaging products are used in such diverse applications as public safety, defense, navigation and search and rescue. Commercial product applications include broadcast imaging, condition monitoring, non-destructive testing, research and development and manufacturing process control. For more information, visit the company's Web site at www.flir.com.
Certain statements in this news release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995, which are based on current expectations, estimates and projections about the Company's business, management's beliefs and assumptions made by management. Words such as "expects," "anticipates," "intends," "plans," "believes," "sees," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, actual purchases under agreements, the amount and availability of government procurement funds, difficulties encountered in the integration of acquired businesses and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.