YAHUD, Israel, January 30 /PRNewswire-FirstCall/ -- Magal Security Systems, Ltd. (NASDAQ:MAGS), today announced that it recently received a series of orders totaling approximately US$45 million for a turnkey project to protect critical infrastructure facilities. The turnkey project incorporates fence perimeter protection systems, access control systems and CCTV products. Magal's management expects to recognize income from these orders over the next two years.
Mr. Izhar Dekel, CEO of Magal, commented, "We are very pleased to report these substantial orders, providing us with a great start to 2008. The orders are an important milestone in the implementation of our growth strategy, which emphasizes the provision of turnkey solutions as a major growth driver. The project, which is for the protection of critical infrastructure, demonstrates once again our ability and strong experience in protecting these types of sites."
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 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 Magal Security Systems, Ltd Lian Goldstein, CFO Tel: +972-3-5391444 Fax: +972-3-5366245 E-mail: email@example.com Investor Relations G.K. Investor Relations, Ehud Helft/Kenny Green Tel: +1-866-704-6710 E-mail: firstname.lastname@example.org
Source: Magal Security Systems Ltd
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