YEHUD, Israel, July 6, 2021 /PRNewswire/ -- Senstar
Technologies (legal name: Magal Security Systems Ltd.) (NASDAQ:
MAGS) announced today that Mr. Tomer
Hay has been appointed as CFO of the Company. Mr. Hay will
replace Mr. Yaacov (Kobi) Vinokur,
who has been Magal's CFO since 2016. Mr. Hay is expected to replace
Mr. Vinokur following a transition period.
Mr. Hay joined the Company in 2012 as Corporate Controller and
progressed to the position of VP Finance before his appointment as
CFO. As VP Finance, Mr. Hay was responsible for the Company's
financial reporting, analysis, controls and tax matters. In
addition, he was actively involved in strategic processes,
including M&A and restructuring.
Prior to joining the Company, Mr. Hay had a successful career
within the high-tech sector at Ernst and Young Israel, ending as
Senior Audit Manager. Mr. Hay brings over 17 years of professional
experience and knowledge of financial management of NASDAQ listed
companies engaged in the tech sector.
Mr. Hay is a certified public accountant in Israel and holds a B.A. degree in Accounting
and Economics from Tel-Aviv
University.
Senstar Technologies CEO Mr. Dror
Sharon, commented: "Tomer's appointment as our next
CFO was the most logical choice upon Kobi's decision to leave the
Company. Tomer is respected by the entire management team and has
worked closely with Kobi to understand the essential aspects of CFO
role. The approval by our Board of Directors, whose members
value Tomer's experience, abilities and contribution to the
Company's growth, is a further vote of confidence. I look forward
to continue working with Tomer as the Company's new CFO."
Mr. Sharon added: "I would like to thank Kobi for
his long and valuable contribution to Senstar Technologies and wish
him well and much success in his future endeavors."
About Senstar Technologies
Senstar Technologies (formerly known as Magal Security Systems)
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, Senstar Technologies
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.
On June 30, 2021, the Company
completed the sale of its project division for approximately
$35 million. The Company is now
focused entirely on security products, both software and hardware,
and product-based solutions, with a highly visible and scalable
business model through its Senstar brand.
Senstar is a global leader in innovative perimeter intrusion
detection systems (PIDS) and intelligent video management (VMS)
with advanced video analytics and access control, offering a
comprehensive suite of innovative, intelligent, integrated security
technologies. Senstar offers a comprehensive suite of proven,
integrated technologies that reduce complexity, improve performance
and unify support. Senstar, which products are found in thousands
of sites including critical infrastructure, logistics, corrections
and energy, has been protecting high risk assets for more than
40 years. For more information, visit the Company's website at
www.senstar.com.
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, there is uncertainty about the impact of the spread of
the COVID19 virus and its effect 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
+972-3-539-1421
dianeh@magal-s3.com
www.senstartechnologies.com
IR Contact:
Brett
Maas
Managing Partner
Hayden IR
+1 -646 -536 -7331
Brett@HaydenIR.com
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SOURCE Senstar Technologies (legal name: Magal Security Systems
Ltd.)