SwingTrade Member Forum

[Zephyr]

MAGS - Magal Announces a US$3.3 Million Follow-on Contract to Protect an International Airport in Eastern Europe

August 16, 2004 11:12:00 (ET)


YAHUD, Israel, Aug 16, 2004 /PRNewswire-FirstCall via COMTEX/ -- Magal Security Systems, Ltd. (MAGS, Trade), today announced that it has signed a follow-on US$3.3 million contract to protect an international airport in Eastern Europe.

This comprehensive turnkey project is the second extension of a contract that Magal previously signed to protect this airport. The system will include various types of security systems which are all integrated by Fortis, Magal's computerized Command & Control System which supports real-time decision making and wide-area command and control. In addition, this project will include other sophisticated means for protection provided by Magal. Further details are restricted from being published.

Mr. Jacob Even-Ezra, Chairman of Magal, stated: "The fact that the customer again ordered Magal's products and systems for the third phase of the project, is further proof of the reliability and efficiency of our systems that keep on bringing customers back to us."

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 Report on Form 8-K filed with the Securities and Exchange Commission.



Contacts:
Magal Security Systems, Ltd
Raya Asher, CFO
Tel: [phone]
Fax: [phone]
Gelbart kahana Investor Relations
Ehud Helft, Kenny Green,
US toll free: [phone]
International: [phone]
E-mail: [e-mail]
[e-mail]

SOURCE Magal Security Systems Ltd.


Magal Security Systems, Ltd; Raya Asher, CFO, Tel:
[phone], Fax: [phone]. Gelbart kahana Investor
Relations; Ehud Helft, Kenny Green, US toll free:
[phone], International: [phone], E-mail:
[e-mail], [e-mail]
(MAGS)

Copyright (C) 2004 PR Newswire. All rights reserved.