Magal Comments on Recently Published Article in Israeli Press
May 10 2004 - 10:42AM
PR Newswire (US)
Magal Comments on Recently Published Article in Israeli Press
YAHUD, Israel, May 10 /PRNewswire-FirstCall/ -- Magal Security
Systems Ltd. (Nasdaq NM:MAGS; TASE:MAGS). In response to a recently
published article in one of the Israel newspapers claiming that
Magal failed to report a field test performed by the IDF, Magal
clarifies the following points: Magal's systems are tested on a
regular basis, all the time, by existing and potential new clients.
The company does not report on a regular basis, whether the product
passed the test or not, unless it is a significant business event.
Passing or not in one particular field test of one product out of
many is not viewed by Magal as a significant event, and will not
have any material impact on the company's operations or
performance. The Barricade system of Magal, which the article
claims has been left out of the IDF field-testing, has in fact been
in use to the satisfaction of many customers, including the IDF,
for a number of years, and has been tested and approved by the IDF
in the past. It therefore does not need to participate in the field
test mentioned by the newspaper. Magal has other systems that are
participating in IDF field tests, currently in progress. Mr. Even
Ezra, CEO and chairman of Magal, added: "We trust that our
customers choice in consistently returning and choosing Magal's
systems over and over again, speaks for itself, demonstrating the
quality of our products and services. We do not view the particular
field test mentioned in the paper new or significant to our
business." 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.
Magal also supplies video monitoring services through Smart
Interactive Systems, Inc., a subsidiary established in the U.S. in
June 2001. 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. Israeli-based
Magal has subsidiaries in the U.S., Canada, the U.K., Germany,
Romania, Mexico and an office in China. Revenues for fiscal year
2003 were US$59 million, with net income of US$2.4 million. Magal
trades under the symbol MAGS in the U.S. on the Nasdaq National
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:
Magal Security Systems, Ltd Gal Investor Relations Raya Asher, CFO
Ehud Helft, Investor Relations Tel: +972-3-5391444 Tel: +1-866- 704
6710 Fax: +972-3-5366245 Tel (Intl): +972-3-6074717 E-mail: E-mail:
, DATASOURCE: Magal Security Systems Ltd. CONTACT: Contacts: Magal
Security Systems, Ltd, Raya Asher, CFO, Tel: +972-3-5391444, Fax:
+972-3-5366245, E-mail: . Gal Investor Relations, Ehud Helft,
Investor Relations, Tel: +1-866-704-6710, Tel (Intl):
+972-3-6074717, E-mail: ,
Copyright