Senstar Technologies Completes Name and Ticker Symbol Change
On September 30, 2021, Senstar Technologies (NASDAQ: MAGS) rebranded from Magal Security Systems, Ltd., adopting its new name and ticker symbol 'SNT' on the Nasdaq Capital Market. This change reflects the company's focus on technology-driven solutions, particularly in perimeter intrusion detection and video management systems. The rebranding follows the divestiture of its Integrated Solutions Division, completed on June 30, 2021. CEO Dror Sharon emphasized that the new branding aims to reinforce Senstar's reputation and prioritize investment in innovative technology to drive growth.
- Rebranding to Senstar Technologies reflects a strategic focus on technology-driven products.
- Transition to the new ticker symbol 'SNT' aims to enhance market presence.
- CEO highlighted commitment to innovative perimeter intrusion detection and video management systems.
- Divestiture of Integrated Solutions Division may lead to reduced revenue streams.
YEHUD, Israel, Sept. 30, 2021 /PRNewswire/ -- Senstar Technologies (NASDAQ: MAGS), a leading international provider of comprehensive physical, video, and access control security products and solutions, today announced that as of September 30, 2021 its ordinary shares will be traded under its new name: Senstar Technologies Ltd., following the name change from Magal Security Systems, Ltd.
In addition, the company also announced that its common stock will begin trading under ticker symbol "SNT" on the Nasdaq Capital Market at the opening of the market on September 30, 2021.
Dror Sharon, Chief Executive Officer of Senstar, commented, "Rebranding under the Senstar name conveys our strategic focus on operating as a pure technology-driven, product and solutions company. The Senstar name is widely recognized for innovative, reliable perimeter intrusion detection systems (PIDS) and intelligent video management solutions (VMS) with advanced video analytics and access control. We are now singularly focused on business development initiatives that reinforces that brand reputation and prioritizes investment in leading-edge technology products to drive growth."
The Company implemented the name and ticker symbol change in conjunction with the divestiture of its Integrated Solutions Division as part of its strategic decision to focus primarily on the Company's product division. The divestiture was completed on June 30, 2021.
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:
Senstar Technologies Ltd.
Diane Hill
+972-3-539-1421
diane.hill@senstar.com
www.senstartechnologies.com
IR Contact:
Brett Maas
Managing Partner
Hayden IR
+1 -646 -536 -7331
brett@haydenir.com
View original content:https://www.prnewswire.com/news-releases/senstar-technologies-completes-name-and-ticker-symbol-change-301388883.html
SOURCE Senstar Technologies (legal name: Magal Security Systems Ltd.)
FAQ
What is the new name of MAGS as of September 30, 2021?
What ticker symbol will Senstar Technologies trade under?
What is the main focus of Senstar Technologies after the rebranding?
What significant business change occurred alongside the name change?
