YAHUD, Israel, October 25, 2011 /PRNewswire/ --
Magal Security Systems Ltd. (NASDAQ GMS: MAGS; TASE: MAGS) today announced that it has collected an award of approximately $2.5 million, arising from a lengthy arbitration proceeding. The arbitration was with a former customer in Eastern Europe regarding a contract to supply a comprehensive security solution for a sensitive site and followed the unwarranted cancellation in 2006.
Magal expects to record income of $2.2 million from the arbitration, net of legal expenses. The defendant has notified Magal that it may seek to vacate the judgment.
About Magal S 3Magal S 3 is a leading international provider of security, safety and site management solutions and products (NASDAQ: MAGS). Over the past 40 years, Magal S 3 has delivered tailor-made solutions to hundreds of satisfied customers in over 80 countries. Magal S 3 offers a broad portfolio of unique products used to protect sensitive installations in some of the world's most demanding locations and harshest climates. This portfolio covers the following three categories:
- Perimeter Intrusion Detection Systems (PIDS) - a variety of smart barriers and fences, fence mounted detectors, virtual gates, buried and concealed detection systems
- Close Circuit TV (CCTV) - a comprehensive management platform with a leading Intelligent Video Analysis (IVA) and Video Motion Detection (VMD) engine
- Physical Security Information Management (PSIM) - an open site management system that enhances command, control and decision making during both routine operations and crisis situations