YEHUD, Israel, Dec. 28, 2020 /PRNewswire/ -- Magal
Security Systems, Ltd. (Nasdaq: MAGS), a leading international
provider of comprehensive physical, video, and access control
security products and solutions, as well as critical site
management, announced that on Sunday,
December 27, 2020, the Israel Tax Authority ("ITA") issued
an interim tax pre-ruling that will enable shareholders who receive
the previously announced Cash Distribution payable today to qualify
for an exemption and, or a lower withholding tax, rate and thus
benefit from lower rates.
Please reference the Form 6-K filed by the Company today with
the Securities and Exchange Commission (SEC) for more detailed
information on the taxation of the cash distribution payable on
December 28, 2020.
About Magal Security Systems, LTD.
Magal is a leading international provider of comprehensive
physical, video and access control security products and 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 Fortis – our 4th generation, cutting–edge physical
security information management system (PSIM). The solutions
leverage our broad portfolio of home–grown PIDS (Perimeter
Intrusion Detection Systems), Symphony – our advanced VMS (Video
Management Software) with native IVA (Intelligent Video Analytics)
security solutions.
Forward Looking Statements
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. In
addition, and as mentioned in this press release, there is
uncertainty about the spread of the Coronavirus and the impact it
will have on the Company's operations, the demand for Company's
products, global supply chains and economic activity in
general.
For more information:
Magal Security Systems Ltd.
Diane Hill, Assistant to the CEO
+972-3-539-1421
dianeh@magal-s3.com
www.magalsecurity.com
IR Contact:
Brett Maas
Managing Partner
Hayden IR
+1-646-536-7331
Brett@HaydenIR.com
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SOURCE Magal Security Systems, Ltd.