FOR IMMEDIATE RELEASE
MAGAL ANNOUNCES RECEIPT OF A REQUEST TO CONVENE
AN EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS TO ELECT A NEW SLATE OF DIRECTORS
YAHUD, Israel - June 20, 2010 -- Magal S3 (NASDAQ GM: MAGS; TASE: MAGS), announced today that it has received a request from a group of shareholders that an Extraordinary General Meeting of Shareholders be convened to elect a slate of directors nominated by them. Such request is being considered by the Board of Directors of Magal. The shareholders, who indicate that they own approximately 17% of the outstanding shares of the Company, are seeking to elect five individuals to the board to replace all of the current board membersother than Mr. Nathan Kirsh and the Company's two outside directors taht are appointed in accordance with Israeli law. The slate of directors includes the Company's former interin CEO and president, Mr. Yoav Stern, whose employment was not extended, and other individuals associated to Mr. Stern.
About Magal S3:
Magal S3 is a leading international solution provider, in the business of Security, Safety, and Site Management (NASDAQ: MAGS).
Over the past 40 years, Magal S3 has delivered tailor-made solutions to hundreds of satisfied customers in over 80 countries.
Magal S3 offers a broad portfolio of unique products used to protect sensitive installations in some the the world's most demanding locations and harshest climates. This portfolio covers the following categories:
| · Perimeter Intrusion Detection Systems (PIDS) |
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A variety of smart barriers and fences, fence mounted detectors, virtual gates, buried and concealed detection systems. |
| · Closed Circuit TV (CCTV) |
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A comprehensive management platform with a leading Intelligent Video Analysis (IVA) and Video Motion Detection (VMD) engine. |
| · Physical Security Information Management (PSIM) |
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A proprietary site management system that enhances command, control and decision making during both routine operations and crisis situations. |
This press release contains forward-looking statements, which are subject to 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 the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission.
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