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Israeli Government Approves the New Seam-Line Route
YAHUD, Israel, February 24 /PRNewswire-FirstCall/ -- Magal Security Systems,
Ltd. (NASDAQ NM:MAGS ; TASE:MAGS) commented on recent developments with regard
to the Seam-Line Project, Magal's largest project during 2003.
On Sunday, February 20, 2005, the Israeli government approved the new seam-line
fence route. This decision is expected to signal the renewal of works on the
southern part of the seam-line project. Building of the seam-line fence was
mostly halted during 2004 as the route of the fence faced a number of legal
challenges.
As reported in the Israeli press, following the decision, the Israeli Ministry
of Defense is soon expected to publish orders for the work on the southern part
of the fence. It is widely believed that the majority of the remaining part of
the project will be completed during this year.
Mr. Even-Ezra, Magal's Chairman and CEO, commented on the news: "As we were one
of only two major suppliers of electronic systems for the seam-line project in
the past, it is natural to expect that we will be asked to participate in the
remaining part of the project as well. As we have said in the past, during 2005
we expect to resume significant work on the seam-line project."
Mr. Even Ezra concluded, "We welcome the Israeli Government's decision and
believe that we are in a strong position to receive orders for the seam-line
project in the near future."
About Magal Security Systems, Ltd.:
Magal Security Systems Ltd. (Magal) is engaged in the development,
manufacturing and marketing of computerized security systems, which
automatically detect, locate and identify the nature of unauthorized
intrusions. Magal also supplies Video Monitoring Services through Smart
Interactive Systems, Inc., a subsidiary established in the U.S. in June 2001.
The Company's products are currently used in more than 70 countries worldwide
to protect national borders, airports, correctional facilities, nuclear power
stations and other sensitive facilities from terrorism, theft and other
threats. Israeli-based Magal has subsidiaries in the U.S., Canada, the U.K.,
Germany, Mexico, Romania and an office in China.
Magal trades in the U.S. on the NASDAQ National Market since 1993 and in Israel
on the Tel-Aviv Stock Exchange (TASE) since July 2001, in both under the symbol
MAGS.
This press release contains forward-looking statements, which are subject to
risks and uncertainties. Such statements are based on assumptions and
expectations which may not be realized and are inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy and some of
which might not even be anticipated. Future events and actual results,
financial and otherwise, may differ from the results discussed in the
forward-looking statements. A number of these risks and other factors that
might cause differences, some of which could be material, along with additional
discussion of forward-looking statements, are set forth in the Company's Report
on Form 8-K filed with the Securities and Exchange Commission.
Contacts:
Magal Security Systems, Ltd GK International
Raya Asher, CFO Ehud Helft/Kenny Green
Tel: +972-3-539-1444 Tel: +1-866-704-6710
Fax: +972-3-536-6245 Int'l dial: +972-3-607-4717
E-mail: E-mail:
DATASOURCE: Magal Security Systems Ltd.
CONTACT: Magal Security Systems, Ltd., Raya Asher, CFO, Tel:
+972-3-539-1444, Fax: +972-3-536-6245, E-mail:
. GK International, Ehud Helft/Kenny
Green, Tel: +1-866-704-6710, Int'l dial: +972-3-607-4717,
E-mail: , E-mail: