Magal Reports the Acquisition of a European Security Systems Integration Company
05 Septiembre 2007 - 6:00AM
PR Newswire (US)
Acquisition Expected to Contribute to Improved Revenues and Income
YAHUD, Israel, September 5 /PRNewswire-FirstCall/ -- Magal Security
Systems, Ltd. (NASDAQ GM: MAGS) (TASE:MAGS), today announced the
acquisition of a European company involved in the installation and
integration of security systems. The consideration consists of a
cash payment of 6.8 million Euros and additional consideration that
will be based on performance and will be payable over the next five
years. The acquired company is active in geographic areas where
Magal has limited activity. This acquisition is in line with the
Company's strategic plan and is expected to contribute to the
Company's expansion in the integration field, particularly in
countries with strong growth potential for Magal's leading security
solutions. Magal expects that the acquired company will immediately
contribute to revenues and income in 2007 and beyond. Mr. Izhar
Dekel, CEO of Magal commented, "This acquisition serves as an
important step in the implementation of Magal's overall strategic
expansion plan of penetrating new territories and regions, while
further expanding our solutions offering. We believe that this
acquisition increases our ability to offer our comprehensive
security solutions to new customers by expanding our global
footprint into new markets." About Magal Security Systems, Ltd.:
Magal Security Systems Ltd. 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 in
the U.S. 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. Magal trades
under the symbol MAGS in the U.S. on the NASDAQ Global Market and
in Israel on the Tel-Aviv Stock Exchange (TASE). 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: Company Magal Security Systems, Ltd Raya
Asher, CFO Tel: +972-3-5391444 Fax: +972-3-5366245 E-mail: Investor
Relations GK Investor Relations Ehud Helft/Kenny Green Tel:
+1-646-201-9246 E-mail: DATASOURCE: Magal Security Systems Ltd
CONTACT: Contacts: Company: Magal Security Systems, Ltd., Raya
Asher, CFO, Tel: +972-3-5391444, Fax: +972-3-5366245, E-mail: ;
Investor Relations: GK Investor Relations, Ehud Helft/Kenny Green,
Tel: +1-646-201-9246, E-mail:
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