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SOURCE Magal Security Systems, Ltd.
Broadens product and solutions portfolio with thermal cameras with embedded video analytics
YEHUD, Israel, February 13, 2018 /PRNewswire/ --
Magal Security Systems, Ltd. (NASDAQ GM: MAGS) today announced it has signed an agreement to acquire a 55% controlling interest in ECS BAZ Ltd. ("BAZ"), an Israeli-based company, focused on the development and manufacturing of military-grade smart Security Video Observation and Surveillance systems. Magal has the option to acquire the remaining outstanding shares from BAZ's shareholder and General Manager, Benny Zviran. Mr. Zviran will continue to serve as the General Manager of BAZ. The closing of the acquisition is pending the approval of the Israeli anti-trust authority.
It is anticipated that BAZ's operation coupled with the expected synergies will positively contribute to Magal's revenues and will be accretive to earnings.
The BAZ product portfolio includes a wide range of modular and customizable medium and long range surveillance systems for distances from 500m up to 25km. BAZ systems have been used successfully for over twenty years, are operational and field proven with customers including the Israeli Defense Forces, Police and Security Services, as well as numerous other government and civilian customers worldwide.
Saar Koursh, CEO of Magal, commented, "Our vision is to lead the perimeter security market by offering a one stop shop for all cutting edge perimeter intrusion detection systems (PIDS) Security Solutions. The BAZ acquisition will enable us to offer smart thermal cameras with embedded video analytics and strengthens and broadens our portfolio of PIDS, state of the art video management systems and video analytics offerings. We welcome the very talented and experienced team at BAZ to the Magal Group and look forward to realizing the strong potential synergies between our companies."
Benny Zviran, General Manager of BAZ, commented, "We are proud to join the Magal team, contributing our smart Video Observation and Surveillance solutions to an industry leading portfolio of perimeter security products. We look forward to better tapping this important market and growing together over the coming years."
Magal is a leading international provider of solutions and products for physical and video security 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 offers comprehensive integrated solutions for critical sites, managed by Fortis4G - our 4th generation, cutting-edge physical security information management system (PSIM). The solutions leverage our broad portfolio of home-grown PIDS (Perimeter Intrusion Detection Systems), Symphony - our advanced VMS (Video Management Software) with native IVA (Intelligent Video Analytics) security solutions.
Forward Looking Statements
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "project", "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown 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 Magal's reports filed from time to time with the Securities and Exchange Commission, including its Annual Report on Form 20-F and Current Reports on Form 6-K.
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: (US) +1-646-688-3559
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