Magal Postpones its Fund Raising Plan

Mar 02, 2011, 18:09 ET from Magal Security Systems Ltd

YAHUD, Israel, March 2, 2011 /PRNewswire-FirstCall/ -- Magal Security Systems, Ltd. (NASDAQ: MAGS, TASE: MAGS) announced that it has withdrawn its registration statement covering its proposed rights offering that was filed with the U.S. Securities Exchange Commission and the Israeli Securities Authority due to technical difficulties in harmonizing the regulatory requirements in Israel and the U.S. The Company intends to raise the funds after the filing of its annual report on Form 20-F with the U.S. Securities Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

About Magal S3:

Magal S3 is a leading international provider of security, safety and site management solutions and products. Over the past 40 years, Magal S3 has delivered tailor-made solutions to hundreds of satisfied customers in over 80 countries. Magal S3 offers a broad portfolio of unique products used to protect sensitive installations in some of the world's most demanding locations and harshest climates. This portfolio covers the following three categories:

    - Perimeter Intrusion Detection Systems (PIDS) - a variety of smart
      barriers and fences, fence mounted detectors, virtual gates, buried and
      concealed detection systems;

    - Close Circuit TV (CCTV) - a comprehensive management platform with a
      leading Intelligent Video Analytics (IVA) and Video Motion Detection
      (VMD) engine;

    - Physical Security Information Management (PSIM) - a site management
      open system that enhances command, control and decision making during
      both routine operations and crisis situations.

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.

    For more information:

    Magal S3 Eitan Livneh, President & CEO
    Assistant: Ms. Elisheva Almog
    Tel: +972-(3)-539-1444

    CCG Investor Relations
    Ehud Helft/Kenny Green
    Tel: (US) +1-(646)-201-9246
    Int'l dial: +972-3-607-4717


SOURCE Magal Security Systems Ltd