YEHUD, Israel, April 12, 2010 /PRNewswire-FirstCall/ -- Magal
Security Systems Ltd. (NASDAQ: MAGS, TASE: MAGS) announced today
that it has received an advance payment of 30% of a $13.5 million contract that is expected to be
signed soon.
The contract includes modernizing and upgrading the indoor
security systems of three high-security prisons in Latin America. The facilities will remain
operational throughout the implementation period, which is expected
to last approximately two years.
"This project represents the culmination of our work in both
systems installation and project management in Latin America over the past several years,"
said Eitan Livneh, President and CEO
of Magal S3. "Correctional facilities are one of Magal's main
vertical markets; our Latin American operation has developed
trusted relationship with many customers and this recent contract
award is a testament to our credibility in the region."
About Magal S3:
Magal S3 is a leading international provider of security, safety
and site management solutions and products (NASDAQ: MAGS). Over the
past 40 years, Magal S3 has delivered tailor-made solutions to
hundreds of satisfied customers in over 80 countries. Magal S3
offers a broad portfolio of unique products used to protect
sensitive installations in some of the world's most demanding
locations and harshest climates. This portfolio covers the
following three categories:
- Perimeter Intrusion Detection Systems (PIDS) - a variety of
smart barriers and fences, fence mounted detectors, virtual gates,
buried and concealed detection systems;
- Close Circuit TV (CCTV) - a comprehensive management
platform with a leading Intelligent Video Analysis (IVA) and Video
Motion Detection (VMD) engine;
- Physical Security Information Management (PSIM) - a
proprietary site management system that enhances command, control and
decision making during both routine operations and crisis situations.
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.
For more information:
Magal S3
Hagai Katz, SVP Marketing
Tel: +972-3539-1444
Assistant: Ms. Elisheva Almog
E-mail: elishevaa@magal-s3.com
CCGInvestor Relations
Ehud Helft / Kenny Green
Tel: (US) +1(646)201-9246
E-mail: magal@ccgisrael.com
Web: http://www.magal-s3.com
SOURCE Magal Security Systems Ltd