Israel’s Magal Security Systems has received an order to protect communication facilities in India for $700,000, as well as an order of $300,000 to protect sensitive installations in Thailand. The order to protect communication facilities in India constitutes the second stage of a comprehensive security installation program initiated in 2002, and is expected to be completed by the end of the second quarter of 2003. The first order within this program, for four million dollars, which was reported by Magal in May 2002, was executed in 2002.
This turnkey project will protect hundreds of communications nodes of an extensive Wide Area Network in India. It includes security systems such as digital video and audio, access control and perimeter protection systems, all controlled by Magal's Security Management System, MagNet.
The order to protect sensitive installations in Thailand calls for Magal's Taut Wire Intrusion Detection System and Video Motion Detection Systems. This order is expected to be completed by the end of the first quarter of 2003.
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, Inc., 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 U.S., Canada, the UK, Germany, Mexico and an office in China.
Revenues for fiscal year 2002 were $43 million, with net income of $1.9 million. Magal trades in the US on the NASDAQ National Market since 1993 and in Israel on the Tel-Aviv Stock Exchange (TASE) since July 2001, in both under the symbol MAGS. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
