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Magal Security Systems Ltd. Appoints Zev Morgenstern as its New Chief Financial Officer

Posted on: Thursday, 16 April 2009, 04:47 CDT

YAHUD, Israel, April 16 /PRNewswire-FirstCall/ -- Magal Security Systems Ltd. [NASDAQ: MAGS; TASE: MAGS] announced today the appointment of Mr. Zev Morgenstern as its new Chief Financial Officer. As of today Mr. Morgenstern will replace Ms. Lian Goldstein, who has advised the Company of her resignation for personal reasons.

Mr. Morgenstern has over 20 years of experience in financial management. Prior to his appointment at Magal, Mr. Morgenstern served for 11 years as Chief Financial Officer of Advanced Vision Technology Ltd., a public company traded on the Frankfurt Stock Exchange, a world's leading supplier of automatic optical inspection and quality assurance systems for the printing industry. He previously served as Finance Manager of Precise Software Solutions, a company listed on the NASDAQ stock exchange, headquartered in Boston, MA. Mr. Morgenstern is a CPA and has also served as a senior auditor at KPMG.

Yoav Stern, acting President and CEO, stated, "We wish Lian well, and understand and support her decision. We look forward to Mr. Morgenstern's contribution in realizing Magal's growth potential and we are confident that given his broad experience and impressive track record, he will play an integral role in our management team."

About Magal Security Systems Ltd.:

Magal S3i is a leading international solutions provider of Safety, Security, Site Management and Intelligence gathering and compilation. Based on 35 years of experience and interaction with customers, the company has developed a unique set of solutions and products, optimized for perimeter, outdoor and general security applications. Magal S3i's turnkey solutions are typically integrated and managed by sophisticated modular command and control software, supported by expert systems for real-time decision support. The company's portfolio of Critical Infrastructure Protection (CIP) and site protection technologies includes a variety of smart barriers and fences, fence mounted detectors, virtual gates, buried and concealed detection systems and a sophisticated protection package for sub-surface intrusion. A world innovator in the development of CCTV, IVA and motion detection technology for outdoor operation, Magal S3i has successfully installed customized solutions and products in more than 75 countries worldwide.

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 Annual Report on Form 20-F filed with the Securities and Exchange Commission.

SOURCE Magal Security Systems Ltd

Source: PR Newswire

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