Israeli Government Approves the New Seam-Line Route
24 Februar 2005 - 3:00PM
PR Newswire (US)
Israeli Government Approves the New Seam-Line Route YAHUD, Israel,
February 24 /PRNewswire-FirstCall/ -- Magal Security Systems, Ltd.
(NASDAQ NM:MAGS ; TASE:MAGS) commented on recent developments with
regard to the Seam-Line Project, Magal's largest project during
2003. On Sunday, February 20, 2005, the Israeli government approved
the new seam-line fence route. This decision is expected to signal
the renewal of works on the southern part of the seam-line project.
Building of the seam-line fence was mostly halted during 2004 as
the route of the fence faced a number of legal challenges. As
reported in the Israeli press, following the decision, the Israeli
Ministry of Defense is soon expected to publish orders for the work
on the southern part of the fence. It is widely believed that the
majority of the remaining part of the project will be completed
during this year. Mr. Even-Ezra, Magal's Chairman and CEO,
commented on the news: "As we were one of only two major suppliers
of electronic systems for the seam-line project in the past, it is
natural to expect that we will be asked to participate in the
remaining part of the project as well. As we have said in the past,
during 2005 we expect to resume significant work on the seam-line
project." Mr. Even Ezra concluded, "We welcome the Israeli
Government's decision and believe that we are in a strong position
to receive orders for the seam-line project in the near future."
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 U.S. 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 U.S., Canada, the U.K., Germany, Mexico,
Romania and an office in China. Magal trades in the U.S. 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 GK 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: Magal Security
Systems, Ltd., Raya Asher, CFO, Tel: +972-3-539-1444, Fax:
+972-3-536-6245, E-mail: . GK International, Ehud Helft/Kenny
Green, Tel: +1-866-704-6710, Int'l dial: +972-3-607-4717, E-mail: ,
E-mail:
Copyright