Magal Awarded a $21.4 Million Contract

Magal Security Systems, Ltd. MAGS announced today that it received a formal notification from the Port Authority of an African country that it has won a tender to secure the main seaport of the country. The total value of the project is estimated to be $21.4 million, with a targeted completion date within two years after receipt of the formal order. No contract has yet been signed; the Company will provide an update upon receipt of a signed contract.