Magal Security Systems' Senstar Division Awarded Integrated Perimeter Security at Major Asian Airport

Rhea-AI Summary

Magal Security Systems (NASDAQ: MAGS) announced a multi-million dollar contract awarded to its Senstar division for an integrated perimeter security system at a major Asian airport. This contract involves expanding an existing security system over tens of kilometers, featuring advanced intrusion detection technologies and software integration with current security infrastructure. CEO Dror Sharon emphasized that Senstar's innovative technology distinguishes it from competitors and supports the company's growth strategy in various sectors, including energy and logistics.

Positive

• Awarded multi-million dollar contract for integrated perimeter security system.
• Senstar's technology differentiates it from competitors, attracting high-profile clients.
• Expansion of existing security system demonstrates confidence in Magal's capabilities.

Negative

• None.

YEHUD, Israel, June 7, 2021 /PRNewswire/ -- Magal Security Systems, Ltd. (NASDAQ: MAGS), a leading international provider of comprehensive physical, video, and access control security products and solutions, as well as critical site management, announced today that its Senstar division, a world leader in perimeter intrusion detection and video management solutions, has been awarded a multi-million dollar contract for an integrated perimeter security system at one the world's busiest cargo gateways and passenger airports based in Asia.

The new contract is to protect the increased perimeter and infrastructure expansion of an existing system on the airport's periphery, which exceeds tens of kilometers in length. This Senstar solution will include a multi-layered intrusion detection system featuring fence-mounted and buried sensors and a software platform for security management that will integrate with the facilities' existing cameras and security infrastructure.

Dror Sharon, Chief Executive Officer of Magal, said, "The key to winning this contract was Senstar's technology and the scope of our offering. Senstar's comprehensive, integrated systems offer physical security capabilities not available from competitors. Technology is an important differentiator that allows Senstar to land contracts with high-profile customers like this important shipment center and passenger hub. We plan to leverage Senstar's strong brand and technology to grow our global business and increase our market share in our target verticals of energy, corrections, logistics and corrections, and critical infrastructure."

About Magal Security Systems Ltd.

Magal is a leading international provider of comprehensive physical, video and access control security products and solutions, as well as site management. Over the past 45 years, Magal has delivered its products as well as tailor-made security solutions and turnkey projects to hundreds of satisfied customers in over 80 countries under some of the most challenging conditions. Magal operates two business divisions: Integrated solutions (turn-key projects) division and Product division, known as Senstar. On February 8, 2021, Magal announced the sale of its project division in an asset and shares purchase agreement to Aeronautics Ltd. For approximately $35 million. The transaction is expected to close before June 30, 2021. Following the closing, the company will focus entirely on security products, both software and hardware, and product-based solutions, with a highly visible and scalable business model.

About Senstar

Senstar is a global leader in innovative perimeter intrusion detection systems (PIDS) and intelligent video management (VMS) with advanced video analytics and access control, offering a comprehensive suite of innovative, intelligent, integrated security technologies. Senstar offers a comprehensive suite of proven, integrated technologies that reduce complexity, improve performance and unify support. Senstar, which products are found in thousands of sites including critical infrastructure, logistics, corrections and energy, has been protecting high risk assets for more than 40 years. For more information, visit the company's website at www.senstar.com.

Forward Looking Statements

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. In addition, there is uncertainty about the impact of the spread of the COVID19 virus and its effect on the Company's operations, the demand for Company's products, global supply chains and economic activity in general.

For more information:

Magal Security Systems Ltd.
Diane Hill
+972-3-539-1421
dianeh@magal-s3.com 
www.magalsecurity.com

IR Contact:

Brett Maas
Managing Partner
Hayden IR
+1 -646 -536 -7331
Brett@HaydenIR.com

 

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SOURCE Magal Security Systems, Ltd.

FAQ

What contract was awarded to Magal Security Systems' Senstar division?

Senstar was awarded a multi-million dollar contract for an integrated perimeter security system at a major airport in Asia.

How does Senstar's technology benefit Magal Security Systems?

Senstar's innovative technology allows Magal to secure high-profile contracts and expand its market presence.

What are the implications of the new contract for MAGS stock?

This significant contract could positively impact MAGS stock by enhancing revenue prospects and market position.

What does the integrated perimeter security system include?

The system includes a multi-layered intrusion detection setup with fence-mounted and buried sensors, integrated with existing security infrastructure.

What sectors is Magal Security Systems targeting for growth?

Magal is focusing on sectors such as energy, corrections, logistics, and critical infrastructure for growth.