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Corporate News Blog - Magal Wins Over $5 Million in Contracts for Security Solutions for Several Correctional Facilities in North America

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LONDON, UK / ACCESSWIRE / September 20, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Magal Security Systems Ltd (NASDAQ: MAGS) ("Magal"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MAGS. The Company, which is a developer and manufacturer of perimeter intrusion detection systems, announced on September 18, 2017, that its North American subsidiaries have received over $5 million in several orders to provide security solutions for correctional facilities in North America. The orders include the supply of advanced video solutions and perimeter detection smart solutions including the Omnitrax buried cable sensor. These orders are expected to be delivered within the coming 12 months. For immediate access to our complimentary reports, including today's coverage, register for free now at:


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Orders from New and Existing Customers Demonstrate Trust in Magal's Security Solutions

Saar Koursh, Chief Executive Officer of Magal, stated that the Company is proud of being selected as the provider of security solutions to correctional authorities in North America. The Company is also pleased to see a renewal of order flow from this key and strategic region. These orders from new, as well as existing customers, demonstrate trust in Magal's security solutions as well as its ability to perform and deliver complex security solutions. Saar added that the Company is looking forward to receiving further orders in this important and key strategic region for Magal in the future.

Others Contracts Received in 2017

  • Projects for Integrated Security Systems for 2017 African Cup of Nations Games: On January 12, 2017, Magal was awarded a series of projects, amounting to over $5.5 million for the upgrade and support of the integrated security systems for the 2017 African Cup of Nations Games;
  • Orders for Innovative Border Protection Solutions in Israel: As per a news release on February 06, 2017, the Company won a series of purchase orders amounting to over $8.5 million for the supply, integration, and support of new innovative border and perimeter protection solutions to the Israeli Ministry of Defense;
  • First Serial Order from Israeli Governmental Customer: On March 22, 2017, Magal was awarded its first serial order for its revolutionary RoboGuard® system from Israeli governmental customer;
  • Integrated Security Solutions and Maintenance Contracts for Seaports: As per the news release on July 18, 2017, the Company received a total of $9.8 million in orders to provide integrated security solutions and maintenance for three major seaports in the Europe, Middle-East, and Africa (EMEA) region. One of the orders is for the Port of Huelva in Spain, the largest in the Spanish Seaport System, involving intrusion detection smart fences, and advanced CCTV cameras.

About Magal Security Systems Ltd

Founded in 1965, Magal is a leading international provider of integrated solutions and products for physical and cyber security, safety and site management. The Company offers comprehensive integrated solutions for critical sites, managed by Fortis4G, its 4th generation, cutting-edge PSIM (Physical Security Information Management system). Headquartered in Yehud, Israel, Magal holds 15 branches worldwide, with two of them serving as main operation centers; one of the sites owns the largest private test range in the world for outdoor security technology.

Last Close Stock Review

At the close of trading session on Tuesday, September 19, 2017, Magal Security Systems' stock price marginally fell 0.42% to end the day at $4.69. A total volume of 26.72 thousand shares were exchanged during the session. The Company's shares are trading at a PE ratio of 360.77. At Tuesday's closing price, the stock's net capitalization stands at $109.75 million.

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SOURCE: Pro-Trader Daily