YEHUD, Israel, Aug. 13, 2018
/PRNewswire/ -- Magal Security Systems, Ltd.
(NASDAQ: MAGS) announced today the receipt of two maintenance
contracts in the Americas amounting to approximately $4 million.
One of the contracts is for the maintenance and support of
Magal's products already installed at various correctional
facilities and the second is to provide maintenance and support for
the perimeter security for the facilities of an electrical power
generation company.
Mr. Dror Sharon, CEO of Magal,
commented, "These type of contracts provide Magal with an
ongoing, reliable and predictable revenue stream, which is aligned
with our strategy to increase the portion of these type of revenues
in our overall mix. The advanced technologies and the increasingly
complex nature of adequately securing sites, calls for maintenance
and support services from a partner our clients can trust. This is
why they continue expressing a strong interest in both our security
products and services, as well as in our long-term support and
maintenance offering."
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 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.
Diane Hill, Secretary to the CEO
Tel: +972-3-539-1421
E-mail: dianeh@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
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SOURCE Magal Security Systems Ltd