YEHUD, Israel, Oct. 5, 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 that
an international consortium led by Magal was awarded a $20 million (USD) contract for the supply,
installation, commissioning, and maintenance of a state-of-the-art
integrated security system to secure the principal premises of a
governmental body in Africa.
Magal's direct share in the project is estimated at $10 million and may increase during the course of
the project.
The state-of-the-art security system includes a comprehensive
range of Magal's proprietary products and platforms. At its core is
FORTIS, Magal's Physical Security Information Management (PSIM)
system. This new generation PSIM supports an underground Perimeter
Intrusion Detection System (PIDS) along with Senstar's Symphony
Video Management Software (VMS) including Intelligent Video
Analytics (IVA) capabilities. The project also features Electronic
Access Control hardware and software and a secured communication
network that supports the system's integration and operation.
Mr. Dror Sharon, Chief Executive
Officer of Magal, said, "Magal has won new project business in
Africa during 2020 despite the
ongoing challenges presented by COVID. We are proud of our team and
partners, who successfully collaborated in winning this competitive
bidding process. The project is an opportunity to showcase our
professionalism and demonstrate the capability and performance of
our proprietary technology. Magal looks forward to extending our
relationship with this high-profile customer and leveraging the
project to expand our presence in the region."
About Magal Security Systems, LTD.
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 80
countries – under some of the most challenging conditions. Magal
offers comprehensive integrated solutions for critical sites,
managed by Fortis – our, 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