(By Balaseshan) Magal Security Systems Ltd. (NASDAQ: MAGS), a provider of solutions and products for physical and cyber security, safety and site management, said it has received orders worth $4.4 million for securing critical sites.
Of these orders, $2 million originated in Latin America and are to secure the perimeters of prisons and police stations. The remainder is to secure nuclear power-plants in the Far-East and conventional power plants in Israel.
"We see continued investment in the securing of critical sites in the Far East and Latin America, which balance the currently relative weaker markets in Europe and the U.S.," said Eitan Livneh, President and CEO of Magal Security Systems.
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The company said most of the orders were achieved through long-term customer relationships and its strong reputation in its addressable markets.
Magal offers the broadest portfolio of unique homegrown Perimeter Intrusion Detection Systems (PIDS), supported by unique CCTV / IVA technology and holistic Cyber Security solutions; Fortis4G - 4th generation cutting-edge Physical Security Information Management system (PSIM) integrates all elements into cohesive solutions.
The company developed a set of solutions and products, optimized for perimeter, outdoor and general security applications. Its turnkey solutions are integrated and managed by modular command and control software, supported by systems for real-time decision support.
MAGS closed Friday's session up 2.83% at $4. The stock has been trading between $2.65 and $6.46 for the past 52 weeks.