Magal Security Systems Ltd. Announces US$16 Million Contract to Protect Otopeni International Airport in Romania
21 January 2003
YAHUD, ISRAEL - January 21, 2003 - Magal Security Systems, Ltd. (NASDAQ: MAGS; TASE: MAGS), today announced that it has signed a contract to protect the Otopeni International Airport in Bucharest, Romania. The total contract totals approximately US$16 million and is expected to be completed by the end of the year 2004.
Mr. Jacob Even-Ezra, Chairman of Magal, stated: 'This order is one of the largest orders Magal has received from an airport outside of Israel, strengthening our position in the security market as a provider of turnkey solutions for airports worldwide. As expected, this order demonstrates the growing need for security measures for airports as a result of the 9/11 terror events.'
This turnkey project, which includes different types of security systems, will be integrated by MagNet, Magal's computerized Security Management Systems (SMS). The Romanian airport joins other airports that are already successfully using Magal's systems to protect their perimeters from unauthorized intrusions, such as O'Hare International Airport in Chicago, Korea's Kimpo International Airport and Inchon International Airport, Israel's International Ben-Gurion Airport and others.
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 and an office in China.
Revenues for fiscal year 2001 were $41 million, with net income of $3.2 million.
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.
