YEHUD, Israel, July 6, 2020 /PRNewswire/ -- Magal Security
Systems, Ltd. (NASDAQ: MAGS), a leading international provider of
comprehensive physical, video and access control security products
and solutions, as well as critical site management, announced today
that Magal's project division, Magal Integrated Solutions, has been
awarded new contracts for turnkey projects in Europe and Africa. Both contracts are for seaports, an
important vertical for the Company. Year to date, Magal Integrated
Solutions has been awarded over $2.5
million for projects in this vertical, adding to many
projects that Magal has been awarded and successfully commissioned
for the seaport vertical customers in the past.
The Port of Tarragona in Spain
recently awarded a $1.3 million of
orders including an extension to Magal's Spanish subsidiary
maintenance contract with the port. Magal has provided a turnkey
solution for the Port of Tarragona in which it designed, installed
and integrated security, safety, and site management systems. In
2018, Magal was awarded with a contract to provide maintenance
services to the port. Recently, the maintenance contract has been
renewed through 2022 with a discretional extension until 2024. The
Tarragona Port's comprehensive security system includes perimeter
detection with CCTV, motion sensors, and fire detection and
extinction, all managed through Magal's proprietary FORTIS 4G
command and control platform. Incorporated in the project are
Senstar's intrusion detection systems products, including the fence
mounted FlexZone, and Ultrawave, a volumetric microwave transmitter
and receiver, the DTR taut wire system, and the Symphony VMS
software.
The balance of $1.2 million of
contract awards were for seaport security projects, including the
Djibouti seaport project in
Africa, for security system design
and installation.
Mr. Dror Sharon, CEO of
Magal, commented: "After seven years of working
together, the renewal of the maintenance contract by the Port of
Tarragona shows tremendous confidence and satisfaction with our
solution and service. This facility is one of the main seaport
facilities in Spain and a
recognized reference in the sector. Also, we are pleased to be
selected by the Djibouti seaport
authority for the seaport's security system design and
installation. This project is our first business in the territory,
and we hope to deepen our commercial relationship in the country.
These recent wins in the seaport vertical demonstrate the success
of our strategic shift to diversify revenue streams to new
geographies and customers and engage our existing customers in
recurring business. Our recent win in Europe and Africa contribute to offsetting the impact of
verticals negatively impacted by the COVID-19 crisis, which has
caused delays in some larger projects. While we remain engaged with
customers in our focus verticals and continue to see purchase
orders from these customers, our team has been nimble in pursuing
new opportunities in verticals that are considered essential
services."
About Magal
Magal is a leading international provider of comprehensive
physical, video and access control security products and solutions,
as well as site management. Over the past 45 years, Magal has
delivered its products as well as tailor–made security solutions
and turnkey projects to hundreds of satisfied customers in over 100
countries – under some of the most challenging conditions. Magal
offers comprehensive integrated solutions for critical sites,
managed by FORTIS 4G – our 4th generation, cutting–edge physical
security information management system (PSIM). The solutions
leverage our broad portfolio of home–grown PIDS (Perimeter
Intrusion Detection Systems), Symphony – our advanced VMS (Video
Management Software) with native IVA (Intelligent Video Analytics)
security solutions.
Forward Looking Statements
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. In
addition, and as mentioned in this press release, there is
uncertainty about the spread of the Coronavirus and the impact it
will have on the Company's operations, the demand for Company's
products, global supply chains and economic activity in
general.
For more information:
Magal Security
Systems Ltd.
Diane Hill, Assistant
to the CEO
+972-3-539-1421
dianeh@magal-s3.com
www.magalsecurity.com
|
IR
Contact:
Brett Maas
Managing
Partner
Hayden IR
+1
646-536-7331
Brett@HaydenIR.com
|
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SOURCE Magal Security Systems Ltd