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Magal Security Systems (MAGS) Message Board

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  • apotelesmatic apotelesmatic Jun 30, 1998 9:11 AM Flag

    Frustration

    Losesome....

    Maybe they heard your cry of
    frustration:


    Tuesday June 30, 8:30 am Eastern Time

    Company
    Press Release

    Magal Security Systems Ltd.
    Announces Delivery of First Pallets
    Screening
    Machine

    Shipment Added Benefit To Anticipated Good Second Quarter
    Results

    YAHUD, Israel--(BUSINESS WIRE)--June 30,
    1998-- Magal Security Systems,
    Ltd. (NASDAQ:MAGSF -
    news), announced today that it expects the

    anticipated good financial results for the second quarter of
    1998 to
    further benefit from the recent delivery
    and acceptance of one pallets
    screening machine,
    of an order of four. The remaining units are
    expected
    to be shipped later this year.

    The
    original order, for US$3.2 million, for four pallets
    screening
    machines for the Israeli Customs Authority
    was delayed because the
    American sub-contractor
    was late in supplying certain critical
    electronic
    components.

    Kobi Even-Ezra, Chairman and CEO, stated,
    ``After a long delay we are
    pleased that we have
    finally been able to deliver the first of several

    pallets screening machines. This favorable development,
    and the
    expectation that the remaining pallets
    screening machines will be
    delivered this year, will
    make a good second quarter even better.''

    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.

    Magal Security Systems, Ltd.
    is engaged in the development, manufacture
    and
    marketing of computerized security systems which
    automatically
    detect, locate and identify the nature of
    intrusions. Magal also
    manufactures and markets systems
    which automatically detect, locate and
    identify
    explosive devices in luggage, packages and other parcels.
    The
    Company's principal products include a
    detection system called AISYS,
    and a video motion
    detection system called DTS. Magal's products
    currently
    are used in more than 60 countries to protect
    national borders
    and sensitive facilities from
    terrorism, theft and other threats.

    ------------------------------------------------------------------------
    Contact:
    Raya Asher, CFO
    MAGAL SECURITY SYSTEMS,
    LTD.
    011-972-3-539-1444
    or
    Stephen D. Axelrod,
    CFA
    Susan T. Bolen (Media)
    WOLFE AXELROD
    ASSOCIATES
    212-370-4500; 212-370-4505 (fax)
    E-mail:
    steve@wolfeaxelrod.com

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