SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2005
MAGAL SECURITY SYSTEMS LTD.
(Name of Registrant)
P.O. Box 70, Industrial Zone, Yahud 56100 Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-____________
Magal Security Systems Ltd.
6-K Items
1. Press Release re Magal Security Systems Ltd. Completes $16.3 Million
Equity Placement dated April 19, 2005.
ITEM 1
Press Release Source: Magal Security Systems Ltd.
Magal Security Systems Ltd. Completes $16.3 Million Equity Placement
Tuesday April 19, 7:00 am ET
YAHUD, Israel, April 19 /PRNewswire-FirstCall/ -- Magal Security Systems Ltd.
("Magal") (Nasdaq: MAGS; TASE: MAGS) announced that yesterday, after the market
was closed, it completed its previously announced registered direct offering of
1,700,000 ordinary shares. The ordinary shares were sold to unaffiliated
institutional investors at a purchase price of $9.50 per share and to affiliated
investors at a purchase price of $9.92 per share (the closing price of the
ordinary shares on the Nasdaq National Market on April 14, 2005) for aggregate
gross proceeds of approximately $16.3 million. The affiliated investors that
purchased 425,000 shares, are Jacob Even-Ezra, Magal's Chairman of the Board and
Chief Executive Officer and Nathan Kirsh, a member of the Board of Directors of
the Company and a trustee of the Eurona Foundation that controls Mira Mag Inc, a
major shareholder of Magal. Lehman Brothers Inc. acted as the exclusive
placement agent for the offering.
A registration statement relating to these securities has been filed with the
U.S. Securities and Exchange Commission. A prospectus supplement and prospectus
relating to this transaction may be obtained directly from the company at
www.magal-ssl.com or from the U.S. Securities and Exchange Commission at
www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy, and these securities cannot be sold in any state in which this
offer, solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
About Magal Security Systems Ltd.:
Magal Security Systems Ltd. (Magal) is engaged in the development, manufacturing
and marketing of computerized security systems, which automatically detect,
locate and identify the nature of unauthorized intrusions. Magal also supplies
Video Monitoring Services through Smart Interactive Systems, Inc., a subsidiary
established in the U.S. in June 2001. The Company's products are currently used
in more than 70 countries worldwide to protect national borders, airports,
correctional facilities, nuclear power stations and other sensitive facilities
from terrorism, theft and other threats. Israeli-based Magal has subsidiaries in
the U.S., Canada, the U.K., Germany, Mexico, Romania and an office in China.
Magal has been traded in the U.S. on the NASDAQ National Market since 1993 and
in Israel on the Tel-Aviv Stock Exchange (TASE) since July 2001 under the symbol
MAGS.
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.
Contact:
Magal Security Systems Ltd.
Roi Levy
Tel: +972-3-539-1444
Fax: +972-3-536-6245
E-mail: magalssl@trendline.co.il
OR
GK International
Ehud Helft/Kenny Green
Tel: +1-866-704-6710
Int'l dial: +972-3-607-4717
E-mail: ehud@gk-biz.com
kenny@gk-biz.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MAGAL SECURITY SYSTEMS LTD.
(Registrant)
By: /s/Jacob Even-Ezra
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Jacob Even-Ezra
Chairman of the Board and
Chief Executive Officer
Date: April 19, 2005