YAHUD, Israel, March 8 /PRNewswire-FirstCall/ -- Magal Security Systems, Ltd. (NASDAQ GM: MAGS; TASE: MAGS), today announced that it recently received new orders from Israeli customers amounting to approximately US$3.0 million.
The new orders include two turnkey projects to secure civilian and government sites in Israel amounting to $3.0 million. The orders cover a broad spectrum of the Company's products and security platforms and include one of the Company's latest products, the state-of-the-art Dreambox intelligent video, audio and sensors management platform. The orders are expected to be supplied during 2007.
The first order is for a turnkey project to supply an intrusion-detection and video-surveillance systems to protect a sensitive site in Israel. As part of the project, Magal will implement its Vibration Intrusion Detection System and its Magnet Command & Control System.
The second order is an extension of an existing order for a total of over $1 million for our advanced DreamBox video content analysis solution.
Mr. Izhar Dekel, CEO of Magal, said: "These new comprehensive turnkey projects, to both the government and civilian space, further validate our ability to migrate our diverse high-end security platforms to the broad civilian market. These two new orders, which include a follow on order from an existing customer, further validate our leadership position in this market. We see substantial potential in the evolving high-end civilian security market to both broaden our customer base and increase our offerings to current customers."
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 in the U.S. 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. Magal trades under the symbol MAGS in the U.S. on the NASDAQ Global Market since 1993 and in Israel on the Tel-Aviv Stock Exchange (TASE) since July 2001.
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: Company Investor Relations Magal Security Systems, Ltd G.K. Investor Relations Raya Asher, CFO Ehud Helft/Kenny Green Tel: +972-3-5391444 Tel: +1-866-704-6710 Fax: +972-3-5366245 E-mail: firstname.lastname@example.org E-mail: email@example.com