Magal Signs a Cooperation Agreement with Dynamatic Technologies to Pursue Security Projects in India
YEHUD, Israel, April 10, 2017 /PRNewswire/ --
Magal Security Systems Ltd. (NASDAQ: MAGS) today announced that it has signed a cooperation agreement with Dynamatic Technologies Ltd. (NSE/BSE: DYNAMATECH), based in India. �This new cooperation aims to answer the increasing market demand in India for high-end security products and solutions for critical infrastructure. It also aims to provide combined integrated border management solutions (CIBMS) to address the challenges in securing India's borders.
Magal has unique experience in perimeter security technologies and complex technological security projects. These include the protection of the borders of Israel, whilst Dynamatic Technologies has been a partner of the Indian Defence and Security establishment for over three decades.
Commented Saar Koursh, CEO of Magal, "We are very excited with the potential from this cooperation agreement. We are confident it will enable us to increase our presence in the Indian security and homeland security market. The goal is to position ourselves, together with Dynamatic, as the first choice turn-key contractor and solution provider for both Indian governmental as well as private sector customers. We are confident that combining Dynamatic's and Magal's proven technological capabilities, vast experience with border security as well as an intimate knowledge of the Indian market, will benefit both Dynamatic and Magal. Last but not least, the management of both companies share similar value sets and goals, factors that will enable increased synergies and cooperation."
Commented Udayant Malhoutra, CEO & Managing Director of Dynamatic Technologies "We intend to bring in smart perimeter and security management technologies that include intrusion detection and prevention on a real time basis. We will offer these technologies to military establishments to prevent infiltration by terrorists. Additionally, these systems can be used to seure ports, airfields, industrial buildings, commercial establishments and other critical assets across the country. This furthers Dynamatic's initiatives to successfully indigenize critical Military Industrial Capabilities under the national Make in India program. Magal has unparalleled knowledge and experience in integrated border security and we are excited to be working jointly with them."
Dynamatic Technologies designs and builds high precision systems and sub-systems for Aerospace, Automotive, Hydraulics, and Homeland Security & Defense. With futuristic design and manufacturing facilities in India, Europe and USA, the company is able to meet customer's exacting requirements in 6 continents. Dynamatic has been associated with Indian Ministry of Defense for over 2 decades and has been awarded for Indigenisation of defense production in the year 2002. �Dynamatic has been the developmental partner with DRDO for Lakshya, a pilotless target UAV for which it received " creative partner award from the DRDO. Dynamatic Oldland Aerospace is engaged in manufacture of complex assemblies for Hindustan Aeronautics Limited, HAL as also Airbus, Boeing and BELL Helicopters.
ABOUT MAGAL �
Magal�is a leading international provider of solutions and products for physical and video security solutions, as well as site management. Over the past 45 years, Magal has delivered its products as well as tailor-made security solutions and turnkey projects to hundreds of satisfied customers in over 80 countries - under some of the most challenging conditions.
Magal offers comprehensive integrated solutions for critical sites, managed by�Fortis4G�- our 4th�generation, cutting-edge�PSIM�(Physical Security Information Management system). The solutions leverage our broad portfolio of homegrown�PIDS�(Perimeter Intrusion Detection Systems), advanced�VMS with native IVA�and�Cyber Security solutions.
Forward Looking Statements�
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "project", "anticipate", "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown 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 Magal's reports filed from time to time with the Securities and Exchange Commission, including its Annual Report on Form 20-F and its Current Reports on Form 6-K..�
For more information:�
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: (US) +1-646-688-3559
SOURCE Magal Security Systems, Ltd.
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