Magal Security wins $6.5M contracts to secure military assets » 12:5208/1208/12/20
Magal Security Systems…
Magal Security Systems announced that its Senstar division has been chosen to provide equipment to secure deployable military assets used throughout the world. Senstar will provide physical security, perimeter detection, video surveillance, access control, public address and associated command and control equipment. Senstar's perimeter electronic security system will augment existing security to provide greater protection for the military equipment and personnel. The contract has a total value of $6.5M, with final acceptance expected in the second half of 2021.
|Over a week ago|
Magal Security announces turnkey security project for Mexican VIP residence » 06:3007/2007/20/20
Magal Security Systems…
Magal Security Systems announced a new turnkey security project for a Mexican VIP residence. Magal said in a release, "The turn-key project features all the Company's major proprietary products and platforms. Magal Security's Physical Security Information Management, or PSIM, system, FORTIS 4G Command and Control will holistically integrate the customer's Perimeter Intrusion Detection System, or PIDS, installed by Magal Mexican subsidiary. FORTIS 4G's centralized proprietary software completely integrates the entire security and operational systems, allowing the security teams to make effective, real-time decisions on events. In addition to the FORTIS 4G Command and Control platform, the customer committed to a long-term service contract for Senstar's Symphony VMS video management software with video analytics. The customer selected Symphony, which will replace a prior VMS software, for its enhanced analytics capabilities and device-vendor agnostic flexibility. Symphony, with its portfolio of innovative solutions, reduces overall costs of security operations by streamlining inputs into one source and providing more effective surveillance measures. Together, FORTIS 4G and Symphony offer the customer versatility to implement additional technology into the residential security system."
|Over a month ago|
Magal Security announces new contracts totaling $2.5M in Europe and Africa » 09:3507/0607/06/20
Magal Security Systems…
Magal Security Systems announced that Magal's project division, Magal Integrated Solutions, has been awarded new contracts for turnkey projects in Europe and Africa. "Both contracts are for seaports, an important vertical for the Company. Year to date, Magal Integrated Solutions has been awarded over $2.5M for projects in this vertical, adding to many projects that Magal has been awarded and successfully commissioned for the seaport vertical customers in the past," the company announced.
FIMI raises cash special tender offer for Magal Security to $3.01 per share » 07:1506/1606/16/20
FIMI Opportunity V, L.P…
FIMI Opportunity V, L.P and FIMI Israel Opportunity Five, Limited Partnership, the controlling shareholders of Magal, announced that they have increased the price to be paid in their cash special tender offer to purchase 8,669,029 ordinary shares of Magal Security Systems Ltd. to $3.01 per share in cash from $2.95. FIMI also extended the initial period of the tender offer and withdrawal rights until 10:00 a.m., New York time, on July 2. Accordingly, the additional four-calendar day period during which shareholders may tender their shares will expire at 10:00 a.m., New York time, on July 6, 2020. However, shareholders will have no withdrawal rights during such additional four-calendar day period.
FIMI commences $2.95 per share cash special tender offer for Magal Security » 07:5605/2205/22/20
FIMI Opportunity V, L.P…
FIMI Opportunity V, L.P and FIMI Israel Opportunity Five, Limited Partnership announced that they have commenced a cash special tender offer to purchase 8,669,029 ordinary shares of Magal Security Systems for $2.95 per share. If more than the maximum number of shares offered to be purchased in the tender offer are tendered, FIMI will purchase Magal shares on a pro rata basis. FIMI, a controlling shareholder of Magal, currently owns 9,854,159 ordinary shares of Magal, representing approximately 42.6% of Magal's issued and outstanding shares. If FIMI purchases 8,669,029 Magal shares in the tender offer, FIMI will own approximately 80.0% of Magal's issued and outstanding shares. On May 21, the last trading day before the announcement of the offer, the closing sale price per Magal share on Nasdaq as reported by Nasdaq was $3.00. The initial period of the tender offer and withdrawal rights is scheduled to expire at 10:00 a.m., New York time, on June 22, unless the initial period is extended by FIMI. As required by Israeli law, if the conditions to the offer are satisfied as of the completion of the initial offer period, FIMI will provide an additional period of four calendar days during which shareholders may tender their shares, which additional offer period will expire at 10:00 a.m., New York time, on June 26. However, shareholders will have no withdrawal rights during such additional four-calendar day period.
|Over a quarter ago|
Magal Security announces key initiatives to respond to global situation » 07:0504/1304/13/20
Magal Security System…
Magal Security System announced that in response to the rapidly evolving global situation, Magal has implemented a number of key initiatives. The company said, "We are well positioned to withstand the impact of the crisis given our strong performance in recent years, our healthy backlog, strong balance sheet with approximately $50M of cash and cash equivalents and no debt. We are closely monitoring our bookings log and delivery schedules." The company announced, "Currently, both of our main production facilities are operating as usual. Senstar in Canada and Magal in Israel are considered vital workplaces, since both are suppliers and service providers for ministries of defense and energy critical sites. We are closely monitoring our supply chain and to date, have not seen shortages. However, some materials and finished products are taking longer to receive and shipping expenses are increasing. Completion of certain projects and installation work will be delayed due to flight and inland travel restrictions as well as the inability to access certain sites. To date we have not seen a slow-down in proposals and quotes from our Senstar sales team, but it is too soon to tell if this will continue in Q2, or if these proposals and quotes will materialize into sales." Regarding expenditures reductions, the company added, "Salary increases and recruitments have been postponed. As of mid- March, all employees were put on a four-day work week, with extended vacation periods for Passover and Easter. Non-essential expenses were put on hold. Negotiating with service providers for cost savings across the board. Studying and applying to various governmental relief programs as applicable per each geography. Magal's current plan assumes that the Company will return to normal operations by the end of June or by early July, while the economic impact may continue longer. Due to the speed of the spread of COVID-19, there is uncertainty around its impact on our financial and operating results, which we cannot reasonably estimate at this time. We expect to provide an update in our Q1 2020 earnings release."
Magal Security engages Hayden IR for investor relations program » 07:1212/2612/26/19
Magal Security has…
Magal Security has retained Hayden IR, an investor relations advisory and communications services firm, to implement a strategic investor relations program grounded in best practices. Hayden IR will work to improve Magal's strategic messaging and increase visibility within the investment community
Magal Security receives $2.4M in airport security contracts » 08:3810/3110/31/19
Magal Security has won…
Magal Security has won contracts amounting to $2.4M, supporting the critical perimeter security infrastructure of airports. Most of the awards were for two major international airports, but also includes products and services for several other airports globally. The majority of orders were for the maintenance related to previously purchased products and services from Magal.
Magal Security announces $8M in recent orders from East Africa » 08:1410/0710/07/19
Magal Security announced…
Magal Security announced that it has received approximately $8M in orders from East Africa over the past several months. A large portion of these are recurring revenues related to the servicing of sensors protecting the perimeter of a key seaport in the region for a customer that Magal has worked with over many years. Delivery of these orders has started and will continue over the coming few quarters.