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Magal Security Systems Ltd. Completes $16.3 Million Equity
Placement
YAHUD, Israel, April 19 /PRNewswire-FirstCall/ -- Magal Security Systems Ltd.
("Magal") (NASDAQ:MAGS)(TASE:MAGS) announced that yesterday, after the market
was closed, it completed its previously announced registered direct offering of
1,700,000 ordinary shares. The ordinary shares were sold to unaffiliated
institutional investors at a purchase price of $9.50 per share and to
affiliated investors at a purchase price of $9.92 per share (the closing price
of the ordinary shares on the Nasdaq National Market on April 14, 2005) for
aggregate gross proceeds of approximately $16.3 million. The affiliated
investors that purchased 425,000 shares, are Jacob Even-Ezra, Magal's Chairman
of the Board and Chief Executive Officer and Nathan Kirsh, a member of the
Board of Directors of the Company and a trustee of the Eurona Foundation that
controls Mira Mag Inc, a major shareholder of Magal. Lehman Brothers Inc. acted
as the exclusive placement agent for the offering.
A registration statement relating to these securities has been filed with the
U.S. Securities and Exchange Commission. A prospectus supplement and prospectus
relating to this transaction may be obtained directly from the company at
http://www.magal-ssl.com/ or from the U.S. Securities and Exchange Commission
at http://www.sec.gov/.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy, and these securities cannot be sold in any state in which this
offer, solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
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 has been 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 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.
Contact:
Magal Security Systems Ltd.
Roi Levy
Tel: +972-3-539-1444
Fax: +972-3-536-6245
E-mail:
OR
GK 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: Contact: Magal Security Systems Ltd., Roi Levy, Tel:
+972-3-539-1444, Fax: +972-3-536-6245, E-mail:
, OR GK International, Ehud Helft/Kenny
Green, Tel: +1-866-704-6710, Int'l dial: +972-3-607-4717,
E-mail: ,