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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2004
MAGAL SECURITY SYSTEMS LTD.
(Name of Registrant)
P.O. Box 70, Industrial Zone, Yahud 56100 Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F__
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):__
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):__
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes__ No X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_____________
This Report on Form 6-K is incorporated by reference into the
Registrant's Form F-3 Registration Statement File No. 333-9050.
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Magal Security Systems Ltd.
6-K Items
1. Press Release re Magal Reports Homeland Security Activities and 5% Stock
Dividend dated May 24, 2004.
ITEM 1
Press Release Source: Magal Security Systems Ltd.
Magal Reports Homeland Security Activities and 5% Stock Dividend
Monday May 24, 8:58 am ET
YAHUD, Israel, May 24 /PRNewswire-FirstCall/ --
Magal Security Systems, Ltd. (NASDAQ NM:MAGS, TASE:MAGS) today announced that
its fully owned U.S. based subsidiary, Senstar-Stellar, Inc (SSI) has recently
received more than US$1 million worth of orders for various homeland security
related projects.
One of the largest United States defense contractors, placed an order for
Perimitrax, a buried cable intrusion detection sensor technology, and StarNet, a
security monitoring and control system, valued at more than US$580,000. This
order was issued under the United States Army's Integrated Base Defense Security
System (IBDSS) contract.
Additionally, a U.S. based nuclear power plant has placed orders for more than
US$460,000 of SSI's new generation Intelli-FIELD perimeter sensor technology.
Mr. Jacob Even-Ezra, Chairman of Magal commented, "The orders for the Nuclear
power plant was a competitive bid with particular emphasis put on the ability to
protect against all types of threats. This is a significant win as it
demonstrates that Magal's products best meet the new requirements driven by
Homeland Security initiatives that favor increased detection-field height."
Magal also announced that the Board of Directors of the company has decided to
declare a stock dividend of 5% of the issued shares. The above stock dividend is
additional to the cash dividend that the Company has paid to its shareholders in
January 2004. The Company expects that, subject to the approval of the general
shareholders meeting to be held in July 2004, the stock dividend shall be paid
during August 2004.
About Magal Security Systems, Ltd.:
Magal Security Systems Ltd. (Magal) is engaged in the development, manufacturing
and marketing of computerized security systems, which automatically detect,
locate and identify the nature of unauthorized intrusions. Magal also supplies
Video Monitoring Services through Smart Interactive Systems, Inc., a subsidiary
established in the U.S. in June 2001. The Company's products are currently used
in more than 70 countries worldwide to protect national borders, airports,
correctional facilities, nuclear power stations and other sensitive facilities
from terrorism, theft and other threats. Israeli-based Magal has subsidiaries in
the U.S., Canada, the U.K., Germany, Mexico, Romania and an office in China.
Revenues for fiscal year 2003 were US$59 million, with net income of US$2.4
million.
Magal trades in the U.S. on the NASDAQ National Market since 1993 and in Israel
on the Tel-Aviv Stock Exchange (TASE) since July 2001, in both under the symbol
MAGS.
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 Report on Form 8-K
filed with the Securities and Exchange Commission.
Contacts:
Magal Security Systems, Ltd
Raya Asher, CFO
Tel: +972-3-539-1444
Fax: +972-3-536-6245
E-mail: magalssl@trendline.co.il
Gal IR International
Ehud Helft/Kenny Green
Tel: +1 866 704 6710
Int'l dial: +972 3 607 4717
E-mail: ehud.helft@galir.com
kenny.green@galir.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MAGAL SECURITY SYSTEMS LTD.
(Registrant)
By: /s/Jacob Even-Ezra
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Jacob Even-Ezra
Chairman of the Board and
Chief Executive Officer
Date: May 24, 2004