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Magal Ends Snifex Development Project.

YAHUD, Israel--(BUSINESS WIRE)--July 6, 1999--

Magal Security Systems, Ltd. (NASDAQ: MAGS), today announced that its management has decided to cease development of the non-invasive drug and explosion detection system being developed by Snifex Ltd.

This decision is a result of a series of tests that took place recently and which yielded unsatisfactory results and put the feasibility of the system in doubt. Magal Security Systems, Ltd., invested about US$ 300,000 in shares and R&D expenses in the development of the Snifex system. No significant added costs are expected to be incurred in shutting down this project.

While disappointed with Snifex Ltd.'s inability to develop a fully functional non-invasive drug and explosion detection system, Magal's continuing policy will be to invest in innovative start-up companies that have potentially synergistic benefits to Magal and its shareholders. Magal is currently exploring another security-related venture investment. If, and when, such investments show real progress, Magal will make timely disclosure to its shareholders.

Magal Security Systems, Ltd. is engaged in the development, manufacture and marketing of computerized security systems which automatically detect, locate and identify the nature of intrusions. Magal's products currently are used in more than 60 countries to protect national borders and sensitive facilities from terrorism, theft and other threats.
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Publication:Business Wire
Geographic Code:7ISRA
Date:Jul 6, 1999
Words:212
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