Magal Reports a US$ 3.4 Million Order for the Protection of Installations in Canada
November 24 2004 - 4:33AM
PR Newswire (US)
Magal Reports a US$ 3.4 Million Order for the Protection of
Installations in Canada YAHUD, Israel, November 24
/PRNewswire-FirstCall/ -- Magal Security Systems, Ltd. (NASDAQ NM:
MAGS, TASE: MAGS) today announced that its fully owned Canadian
based subsidiary, Senstar-Stellar Corporation (SSC) has recently
received a US$3.4 million order from Correctional Service Canada
(CSC) to protect eight (8) of its sites in Canada. Perimitrax, a
buried cable intrusion detection sensor technology, will be
delivered and installed with all sites being completed by the end
of March 2006. The contract is based on three phases of
deliverables with US$0.4 million in 2004, US$1.6 million in 2005,
and the balance of US$1.4 million in 2006. Mr. Jacob Even-Ezra,
Chairman of Magal commented that, "Correctional Service Canada has
been one of SSC's major customers for many years. The fact that
this customer continues to use our products proves once again the
reliability and effectiveness of our systems and we will continue
to serve this customer to their complete satisfaction." 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 US 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 US, Canada, the UK, Germany, Mexico, Romania
and an office in China. Revenues for fiscal year 2003 were US$59
million, with net income of US$2.4 million. Magal trades in the US
on the NASDAQ National Market since 1993 and in Israel on the
Tel-Aviv Stock Exchange (TASE) since July 2001, in both under the
symbol MAGS. 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 Report on Form 8-K filed
with the Securities and Exchange Commission. Contacts: Magal
Security Systems, Ltd Gal IR International Raya Asher, CFO Ehud
Helft/Kenny Green Tel: +972-3-539-1444 Tel: +1-866-704-6710 Fax:
+972-3-536-6245 Int'l dial: +972-3-607-4717 E-mail: E-mail:
DATASOURCE: Magal Security Systems Ltd. CONTACT: Contacts: Magal
Security Systems, Ltd Gal IR International, Raya Asher, CFO Ehud
Helft/Kenny Green, Tel: +972-3-539-1444 Tel:+1-866-704-6710, Fax:
+972-3-536-6245 Int'l dial: +972-3-607-4717 E-mail: E-mail:
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