YEHUD, Israel, May 23, 2010 /PRNewswire-FirstCall/ -- Magal S3
(NASDAQ GM: MAGS; TASE: MAGS), announced today that it is
implementing a second phase of its reorganization plan, designed to
enable the company to execute on its new strategic plan and cope
with the global trends, specifically the European economy slowdown.
Magal's strategic intent is to expand international sensor sales
and refocus on projects in preferred regions.
As part of this plan, the company announced internal
organizational changes, as well as a workforce reduction in
Israel. Management anticipates
that these changes will be reflected in Magal's financial results
in the second half of 2010 .
Eitan Livneh, President and CEO
of Magal S3, commented: "We are preparing to refocus and increase
our marketing activities as part of our new strategic plan. With
that, due to current global macroeconomic conditions, Magal was
forced to reduce personnel in Israel in order to rationalize our operating
expense and make resources available to meet new market
opportunities."
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 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) - comprehensive management platforms 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.
Magal S3
Eitan Livneh, President & CEO
Tel: +972-3-539-1444
Fax: +972-3-536-6245
Assistant: Ms. Elisheva Almog
E-mail: ElishevA@magal-s3.com
Financial Communication Public & Investor Relations
Hadas Friedman
Tel: +972-3-695-4333 Ext. 6
E-mail: hadas@fincom.co.il
Mobile: +972-54-230-3100
SOURCE Magal S3