Magal Reports a Change in its Operational Structure by Merging its Two U.S. Based Subsidiaries
04 April 2005 - 11:20AM
PR Newswire (US)
Magal Reports a Change in its Operational Structure by Merging its
Two U.S. Based Subsidiaries YAHUD, Israel, April 4
/PRNewswire-FirstCall/ -- Magal Security Systems, Ltd. (NASDAQ
NM:MAGS, TASE:MAGS) today announced that it is merging its two US
subsidiary companies into one entity. The decision was made in
order to better adapt its operations in the United States to
developments in the US market, particularly those concerning the
Department of Homeland Security. Therefore, Senstar-Stellar Inc.
and Perimeter Products, Inc. will be merged into one company, to be
called Magal-Senstar, Inc. Commenting on the pending merger, Mr.
Jacob Even-Ezra, Chairman of Magal, said: "This merger will
increase the ability of the Magal Group to market and sell its
products in the United States and will also reduce our overhead
expenses, leading to an increase in the efficiency of our US
operations. The merger will create a larger entity and a
significant market participant, which we believe will present a
more competitive force in the US defense and homeland security
markets." 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 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 Annual Report on Form
20-F filed with the Securities and Exchange Commission. Contacts:
Magal Security Systems, Ltd Roi Levy Tel: +972-3-539-1444 Fax:
+972-3-536-6245 E-mail: Gal IR International Ehud Helft/Kenny Green
Tel: +1-866-704-6710 Int'l dial: +972-3-607-4717 E-mail:
DATASOURCE: Magal Security Systems Ltd. CONTACT: Magal Security
Systems, Ltd: Roi Levy, Tel: +972-3-539-1444, Fax: +972-3-536-6245,
E-mail: . Gal IR International:, Ehud Helft/Kenny Green, Tel:
+1-866-704-6710, Int'l dial: +972-3-607-4717, E-mail: ,
Copyright