Magal Provides Update With Regard to the Status of a Previously Announced Agreement for the Installation of a Municipal Command

Name	Symbol	Market	Type
-3x Short Magnificent 7 Etp	BIT:MAGS	Italy	Exchange Traded Fund

Name

Symbol

Market

Type

-3x Short Magnificent 7 Etp

BIT:MAGS

Italy

Exchange Traded Fund

	Price Change	% Change	Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.00	0.00%	12.81	12.502	12.59				0	13:09:56

Price Change

% Change

Price

Bid Price

Offer Price

High Price

Low Price

Open Price

Traded

Last Trade

0.00

0.00%

12.81

12.502

12.59

13:09:56

Magal Provides Update With Regard to the Status of a Previously Announced Agreement for the Installation of a Municipal Command

17/02/2009 2:00pm

PR Newswire (US)

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YAHUD, Israel, February 17 /PRNewswire-FirstCall/ -- Magal Security Systems Ltd. (NASDAQ GMS: MAGS, TASE: MAGS) announced today that although it had a signed agreement with a large Latin American municipality with respect to the installation of a municipal security command and control system, the project was cancelled. The cancellation was due to repetitive delays in the transfer of governmental funds. Mr. Izhar Dekel. CEO of Magal said: "We were disappointed to learn of this cancellation. The cancellation, which was out of our control, resulted from internal bureaucratic procedures that have impacted this project. Nonetheless, we believe that our leading municipal security solution provides an integrated safety and security system that is well suited for the challenging demands of municipalities around the world. Despite the setback in this particular project, we are currently involved in the execution of many other municipal safety and security management projects both in Israel and elsewhere, and we are in the midst of a campaign to win similar assignments for additional cities, as we grow our repertoire of positive references." 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. 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. Magal's shares trade in the U.S. on the NASDAQ Global Market and in Israel on the Tel-Aviv Stock Exchange (TASE) 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 GK Investor Relations Lian Goldstein Ehud Helft/Kenny Green Tel: +972-3-539-1444 Tel: (US) +1-646-201-9246 Fax: +72-3-536-6245 Int'l dial: +972-3-607-4717 E-mail: E-mail: DATASOURCE: Magal Security Systems Ltd CONTACT: Contacts: Magal Security Systems Ltd, Lian Goldstein, Tel: +972-3-539-1444, Fax: +72-3-536-6245, E-mail:; GK Investor Relations, Ehud Helft/Kenny Green, Tel: (US) +1-646-201-9246, Int'l dial: +972-3-607-4717, E-mail:

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MAGS -3x Short Magnificent 7 Etp