Magal Security Systems Ltd. (Nasdaq: MAGS; TASE: MAGS) is in the final stages of completing two safe city projects in Savyon and Nazareth. Sources estimate the value of the projects at NIS 3 million.
The projects integrate multiple security products and systems including cameras, emergency buttons, and locating systems into a single Magal's Fortis command and control system. The Savyon project is for schools and daycare centers, while the Nazareth project is for critical event management in shopping malls, schools, parks and other sensitive sites.
Magal president and CEO Eitan Livneh said, "These new projects are added to a list of more than 25 cities in Israel." He added, "Magal is building a strong position in the safe city market segment globally. In Latin America, we are aggregating data from distinct security applications across disperse sites, into a single nationwide homeland security site."
Magal's share closed at $3.81 on Nasdaq on Friday, giving a market cap of $40 million. The share price rose 1.8% at the opening on the TASE today to NIS 14.25.
Published by Globes [online], Israel business news - www.globes-online.com - on May 2, 2010
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