Magal's Major Shareholder Purchases Additional 7% of Magal
YAHUD, Israel, December 19, 2012
YAHUD, Israel, December 19, 2012 /PRNewswire/ --
Magal Security Systems, Ltd. (NASDAQ GM: MAGS) announced today that its major
shareholder, the Kirsh Group, which is controlled by Mr Natie Kirsh, has
acquired the entire shareholding of the Even Ezra family at $5.00 per share, a
26% premium to Magal's closing share price on December 14, 2012. This brings
the Kirsh Group's holding in Magal to 44.4%.
Mr. Kirsh said, "I have been involved with Magal from the beginning. This
additional investment demonstrates that I remain a long term supporter of the
company as well as my belief in its future. The management team has done a
fantastic job of navigating the business through difficult times for the
global economy. They are a very capable group and this transaction is an
investment in their ability. I look forward to witnessing more accomplishments
from the team in the years to come."
About Magal S^3
Magal S^3 is a leading international provider of solutions and products for
physical and cyber security, safety and site management. Over the past 42
years, Magal S^3 has delivered tailor-made solutions and turnkey projects to
hundreds of satisfied customers in over 80 countries in some of the world's
most demanding locations.
Magal S3 offers holistic and integrated solutions for critical sites, managed
by Fortis^4G - our 4^th generation cutting edge Physical Security Information
Management system (PSIM). The solutions leverage our broadest portfolio of
unique homegrown Perimeter Intrusion Detection Systems (PIDS), advanced
outdoors CCTV / IVA technology and holistic Cyber Security solutions.
For more information:
Eitan Livneh, CEO
Assistant: Ms. Elisheva Almog
CCG Investor Relations
Ehud Helft/Kenny Green
Tel: (US) +1-646-201-9246
Int'l dial: +972-3-607-4717
SOURCE Magal Security Systems Ltd
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