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Magal Reports a Change in its Operational Structure by Merging
its Two U.S. Based Subsidiaries
YAHUD, Israel, April 4 /PRNewswire-FirstCall/ -- Magal Security Systems, Ltd.
(NASDAQ NM:MAGS, TASE:MAGS) today announced that it is merging its two US
subsidiary companies into one entity. The decision was made in order to better
adapt its operations in the United States to developments in the US market,
particularly those concerning the Department of Homeland Security. Therefore,
Senstar-Stellar Inc. and Perimeter Products, Inc. will be merged into one
company, to be called Magal-Senstar, Inc.
Commenting on the pending merger, Mr. Jacob Even-Ezra, Chairman of Magal, said:
"This merger will increase the ability of the Magal Group to market and sell
its products in the United States and will also reduce our overhead expenses,
leading to an increase in the efficiency of our US operations. The merger will
create a larger entity and a significant market participant, which we believe
will present a more competitive force in the US defense and homeland security
markets."
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 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
Roi Levy
Tel: +972-3-539-1444
Fax: +972-3-536-6245
E-mail:
Gal IR International
Ehud Helft/Kenny Green
Tel: +1-866-704-6710
Int'l dial: +972-3-607-4717
E-mail:
DATASOURCE: Magal Security Systems Ltd.
CONTACT: Magal Security Systems, Ltd: Roi Levy, Tel: +972-3-539-1444,
Fax: +972-3-536-6245, E-mail: . Gal IR
International:, Ehud Helft/Kenny Green, Tel: +1-866-704-6710,
Int'l dial: +972-3-607-4717, E-mail: ,