YEHUD, Israel, Jan. 4, 2021 /PRNewswire/ -- Magal Security
Systems, Ltd. (NASDAQ GM: MAGS) today announced it has completed
the acquisition of the entire share capital of E.S.C. BAZ Ltd.
("BAZ"), an Israeli-based company focused on the development and
manufacturing of military-grade smart Security Video Observation
and Surveillance systems. Magal exercised its option to acquire the
remaining outstanding shares from BAZ's founder and current General
Manager, Benny Zviran.
Dror Sharon, CEO of Magal,
commented, "Following our 2018 acquisition of 55% of BAZ's
shares, BAZ has continued to grow its business and successfully
achieved the commercial and financial goals set by Magal. BAZ will
continue to enable us to diversify our offerings, adding smart
thermal camera-based solutions, which strengthen and broaden our
portfolio of PIDS, state of the art video management systems and
video analytics offerings."
Mr. Sharon added, "Magal continues to explore potential
acquisitions to broaden its offerings and addressable markets."
Benny Zviran, General Manager of BAZ, commented, "Magal's
decision to complete the acquisition demonstrates its
acknowledgment of BAZ's technology and accomplishments, as well as
respect for its team who achieved record high revenues in 2020
despite the hardships caused by the Covid-19 pandemic."
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
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
For more information:
Diane Hill, Assistant
to the CEO
SOURCE Magal Security Systems, Ltd.