Magal Won 80 Percent of Bids to Supply Electronic Detection Systems for the Seam Line Between Israel and the West Bank
YAHUD, Israel, Sep 11, 2002 (BUSINESS WIRE) -- Today the Israeli Ministry of Defense (MOD) informed Magal Security Systems, Ltd. (NASDAQ NM: MAGS; TASE: MAGS) that the Company won 80% of the bids issued by the MOD for the installation of intrusion detection systems along the seam line between Israel and the West Bank. The bids issued by the MOD to date represent approximately 125 kilometers, or only 1/3 of the total project of the seam line.
The total value of the bids won by Magal is approximately US$15 million, representing 100 kilometers. The first stage, which amounts to about US$3 million, is expected to be executed during the fourth quarter of 2002. The majority of the remainder of the project is expected to be carried out during the year 2003.
Mr. Jacob Even-Ezra, Chairman of Magal, said: "Protecting Israeli citizens is a crucial mission. We are glad that the Israeli MOD chose us for this important task. Our systems already protect several other parts of the Israeli borders and sensitive installations in Israel and in other countries around the globe. We are confident that Magal's systems will properly serve this goal and thus meet, once again, the strict requirements set forth by the Israeli Ministry of Defense."