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Magal Announces US$4.5 Million in Orders for Protection of
Sensitive Installations
YAHUD, Israel, October 25 /PRNewswire-FirstCall/ -- Magal Security Systems,
Ltd. (NASDAQ:MAGS), (TASE:MAGS), today announced that two of its fully owned
subsidiaries have recently received approximately US$4.5 million in orders for
a number of projects for perimeter security systems that will be used to
protect sensitive installations. The majority of these installations are
situated in Mexico. The main portions of these projects are scheduled to be
complete before year-end and the balance during the first half of 2005.
One of these projects includes a new product: Magal's IntelliFiber. This
recently launched product is a unique optical disturbance sensor for demanding,
fence mounted security applications. The sensor is highly sensitive to
intrusion, extremely versatile and can be applied to virtually any fence. The
sensor cable consists of fiber cores for detection of intrusions only. The
IntelliFiber system is developed and produced by Magal's fully owned subsidiary
Senstar-Stellar Corporation based in Canada.
Mr. Jacob Even-Ezra, Chairman of Magal, remarked: "Over the last year, our R&D
team has done an excellent job in developing a variety of new security
products, which has significantly expanded the markets we sell to and
guarantees the future growth of our business. We are beginning to harvest the
fruits of their hard work as we begin to sell these new products in an
increasing number of projects."
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, Romania, Mexico and an office in China.
Revenues for fiscal year 2003 were $59.4 million, with net income of $2.4
million.
Magal shares have traded in the U.S. on the NASDAQ National Market since 1993
and in Israel on the Tel-Aviv Stock Exchange (TASE) since July 2001, 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 Annual
Report on Form 20-F filed with the Securities and Exchange Commission.
Contacts:
Magal Security Systems, Ltd Gelbart kahana Investor Relations
Raya Asher, CFO Ehud Helft, Kenny Green
Tel: +972-3-539-1444 US toll free: +1-866-704-6710
Fax: +972-3-5366245 International: +972-3-6074717
E-mail:
DATASOURCE: Magal Security Systems Ltd.
CONTACT: Magal Security Systems, Ltd, Raya Asher, CFO, Tel:
+972-3-539-1444, Fax: +972-3-5366245 or Gelbart kahana Investor
Relations, Ehud Helft, Kenny Green, US toll free:
+1-866-704-6710, International: +972-3-6074717, E-mail:
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