Magal Security Systems has received an order from the Israeli Ministry of Defense (MOD) to install additional Perimeter Intrusion Detection Systems along the Gaza Strip border to prevent intrusions of terrorists into Israel.
This order totals approximately $1.5 million. The work is being carried out during the third quarter of 2002 and its revenues are expected to be reflected in the financial results for the year 2002.
Magal is engaged in the development, manufacturing and marketing of computerized security systems, which automatically detect, locate and identify the nature of unauthorized intrusions. Magal also supplies Video Monitoring Services through Smart Interactive Systems, a subsidiary established in the US in June 2001.
The Company's products are currently used in more than 70 countries worldwide to protect national borders, airports, correctional facilities, nuclear power stations and other sensitive facilities from terrorism, theft and other threats.
Israeli-based Magal has subsidiaries in the US, Canada, the United Kingdom, Germany, Mexico and an office in China. Revenues for fiscal year 2001 were $41 million, with net income of $3.2 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
