YEHUD, Israel, February 13, 2018 /PRNewswire/ --
Magal Security Systems, Ltd. (NASDAQ GM: MAGS) today announced
it has signed an agreement to acquire a 55% controlling interest in
ECS BAZ Ltd. ("BAZ"), an Israeli-based company, focused on the
development and manufacturing of military-grade smart Security
Video Observation and Surveillance systems. Magal has the option to
acquire the remaining outstanding shares from BAZ's shareholder and
General Manager, Benny Zviran. Mr.
Zviran will continue to serve as the General Manager of BAZ. The
closing of the acquisition is pending the approval of the Israeli
anti-trust authority.
It is anticipated that BAZ's operation coupled with the expected
synergies will positively contribute to Magal's revenues and will
be accretive to earnings.
The BAZ product portfolio includes a wide range of modular
and customizable medium and long range surveillance
systems for distances from 500m
up to 25km. BAZ systems have been used successfully for over twenty
years, are operational and field proven with customers including
the Israeli Defense Forces, Police and Security Services, as well
as numerous other government and civilian customers worldwide.
Saar Koursh, CEO of Magal,
commented, "Our vision is to lead the perimeter security market by
offering a one stop shop for all cutting edge perimeter intrusion
detection systems (PIDS) Security Solutions. The BAZ acquisition
will enable us to offer smart thermal cameras with embedded video
analytics and strengthens and broadens our portfolio of PIDS, state
of the art video management systems and video analytics offerings.
We welcome the very talented and experienced team at BAZ to the
Magal Group and look forward to realizing the strong potential
synergies between our companies."
Benny Zviran, General Manager of
BAZ, commented, "We are proud to join the Magal team,
contributing our smart Video Observation and Surveillance solutions
to an industry leading portfolio of perimeter security products. We
look forward to better tapping this important market and growing
together over the coming years."
ABOUT MAGAL
Magal is a leading international provider of solutions and
products for physical and video security 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 80 countries -
under some of the most challenging conditions.
Magal offers comprehensive integrated solutions for critical
sites, managed by Fortis4G - 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
Certain statements made herein that are not historical are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. The words "estimate",
"project", "intend", "expect", "believe" and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements involve known and unknown 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 Magal's reports
filed from time to time with the Securities and Exchange
Commission, including its Annual Report on Form 20-F and Current
Reports on Form 6-K.
For more information:
Magal Security Systems Ltd.
Saar Koursh, CEO
Tel: +972-3-539-1421
E-mail: saar.koursh@magal-s3.com
Web: http://www.magal-s3.com
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: (US) +1-646-688-3559
E-mail: magal@gkir.com
SOURCE Magal Security Systems, Ltd.