-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EXf4Z+z0ct18YT9pszfoYHJ9G4GH+242MSIU/WKgXwoolEcYnzRkSpGxUeKoPtU0 8f8kxs3qJUmW81WHyxbTig== 0001178913-10-001839.txt : 20100719 0001178913-10-001839.hdr.sgml : 20100719 20100719120809 ACCESSION NUMBER: 0001178913-10-001839 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20100719 FILED AS OF DATE: 20100719 DATE AS OF CHANGE: 20100719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAGAL SECURITY SYSTEMS LTD CENTRAL INDEX KEY: 0000896494 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21388 FILM NUMBER: 10957846 BUSINESS ADDRESS: STREET 1: P O BOX 70 STREET 2: INDUSTRIAL ZONE CITY: YAHUD ISRAEL STATE: L3 ZIP: 5600 MAIL ADDRESS: STREET 1: P.O. BOX 70, STREET 2: INDUSTRIAL ZONE CITY: YAHUD STATE: L3 ZIP: 56100 6-K 1 zk1008540.htm 6-K zk1008540.htm


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

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 July 2010

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 o
 
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): o

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): o

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 o                      No x

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ____________
 
This Report on Form 6-K is incorporated by reference into the Registrant's Form S-8 Registration Statements File Nos. 333-96929, 333-127340 and 333-164696.

 
 

 
 
Magal Security Systems Ltd.
 
EXPLANATORY NOTE

The following exhibits are attached:

99.1
Press release re Magal  Announces That it Received a Position Letter and Two Non-Binding Financing Proposals that were Solicited  by the Dissident Shareholder dated July 19, 2010.

99.2 
Non-Binding Financing Proposal from the Plenus Funds dated July 15, 2010.

99.3 
Non-Binding Financing Proposal from Optex Co., Ltd. dated July 15, 2010.

99.4
Letter to the Shareholders of Magal Security Systems Ltd. from Clough Capital Partners, LP, Prescott Group Management, LLC and Diker GP, LLC.

 
 

 
 
SIGNATURE
 
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/ Eitan Livneh  
    Eitan Livneh  
    President and Chief Executive Officer  
       
 
Date:  July 19, 2010

 
 

 

EXHIBIT INDEX


EXHIBIT NO.
DESCRIPTION
 
99.1
Press release re Magal  Announces That it Received a Position Letter and Two Non-Binding Financing Proposals that were Solicited  by the Dissident Shareholder dated July 19, 2010.

99.2
Non-Binding Financing Proposal from the Plenus Funds dated July 15, 2010.

99.3
Non-Binding Financing Proposal from Optex Co., Ltd. dated July 15, 2010.

99.4
Letter to the Shareholders of Magal Security Systems Ltd. from Clough Capital Partners, LP, Prescott Group Management, LLC and Diker GP, LLC.



EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_99-1.htm


Exhibit 99.1
 
FOR IMMEDIATE RELEASE
 
Magal  Announces That it Received a Position Letter and Two Non- Binding
Financing Proposals that were Solicited  by the Dissident Shareholder
 
YAHUD, ISRAEL, July 19, 2010 -- Magal Security Systems Ltd. (NASDAQ GMS: MAGS, TASE: MAGS) today announced that it received two non- binding financing proposals from Plenus and Optex Co., Ltd. These proposals were solicited by the shareholders who requested that an Extraordinary General Meeting of the Shareholders be called  to replace the majority of the current members of Magal's Board of Directors. Both proposals explicitly state that they are non-binding and are conditioned upon the conclusion of certain conditions. In addition, the Company has received a position letter from these shareholders.
 
The non-binding proposals and the position letter will be included as exhibits in Magal's filing of this press release with the Securities and Exchange Commission.
 
About Magal S3
 
Magal S3 is a leading international provider of security, safety and site management solutions and products (NASDAQ: MAGS).
 
Over the past 40 years, Magal S3 has delivered tailor-made solutions to hundreds of satisfied customers in over 80 countries.
 
Magal S3 offers a broad portfolio of unique products used to protect sensitive installations in some of the world’s most demanding locations and harshest climates. This portfolio covers the following three categories:
 
·  
Perimeter Intrusion Detection Systems (PIDS) - a variety of smart barriers and fences, fence mounted detectors, virtual gates, buried and concealed detection systems

·  
Close Circuit TV (CCTV) – a comprehensive management platform with a leading Intelligent Video Analysis (IVA) and Video Motion Detection (VMD) engine

·  
Physical Security Information Management (PSIM) - a proprietary site management system that enhances command, control and decision making during both routine operations and crisis situations

 
 

 
 
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.
 
For more information:
Financial Communication Public & Investor Relations
 
Magal Security Systems Ltd.
Ilan Ovadia, CFO
Tel: +972 (3) 539-1444
E-mail: ilano@magal-s3.com
Web: www.magal-s3.com
Hadas Friedman
Tel: +972-3-695-4333 Ext. 6
E-mail: hadas@fincom.co.il
Web: www.fincom.co.il
 




 
EX-99.2 3 exhibit_99-2.htm EXHIBIT 99.2 exhibit_99-2.htm


Exhibit 99.2
 
 
(plenus logo)
 
July 15, 2010
 
Magal Security Systems Ltd. (“Magal”)
17 Altalef Street
Industrial Zone
Yehud 56100, Israel
 
Re: Proposed Financing
 
Dear Sirs and Madams:
 
We are writing to you with an initial non binding proposal for a financing to be provided to Magal by the Plenus Mezzanine Fund (together with the other Plenus funds, “Plenus”).
 
    Plenus is a group of funds. Founded in 2000 with Israel’s first venture lending fund, Plenus has since grown to be Israel’s leading lending funds providing secured equity-based venture loans to revenue stage technology companies and mezzanine financing to mid-market companies. With over $320mm under management, Plenus boasts a diversified portfolio of Israel’s most promising high tech companies alongside investments in legacy industries. Plenus’s experienced investment team is comprised of professionals with expertise in banking, high tech and capital markets, focusing on designing customized lending solutions that enhance growth and limit equity dilution. Plenus’s strong track record and commitment to partnership have drawn companies to return for 2nd and 3rd time deals.
 
    We understand, based on Magal’s public disclosure, that Magal intends to pursue a rights offering or other types of equity financing and that, in anticipation of such financing, Magal is seeking bridge financing to address its current cash needs. Plenus specializes in these types of financing transactions and are able to put together on a relatively expedited basis a funding package that would be appropriate for Magal and would serve the best interests of its shareholders. Plenus is contemplating funding Magal in the form of a bridge loan on a short term basis (the main terms of which are listed below), with the intent of subsequently converting such bridge loan into a mid or long term loan in the context of an equity or mezzanine financing in Magal.
 
    The funding we are contemplating would be based on the following main principles. Obviously, this proposal is preliminary and is subject to our due diligence review of Magal and its management being satisfactory to us and to our entering into definitive agreements in form acceptable to us and to Magal, which may include additional terms and conditions (“Definitive Agreements”), as well as approval by our investment committee.
 
1.
Bridge Loan - At and subject to the closing of the contemplated loan transaction (the “Closing”), Plenus would provide Magal with a loan in the aggregate amount of $6,000,000 (the “Principal Amount”). The Principal Amount will bear interest at the rate of LIBOR plus 4%, per annum, accruing on a quarterly basis (the “Interest”). Interest shall be calculated based on a 360 day year.
   
2.
Repayment - The Principal Amount and all Interest accrued thereon, including applicable VAT, will be due in its entirety on the date which six (6) months following the Closing (the “Maturity Date”). Magal may prepay all or any portion of the outstanding amounts without penalty or liability, provided that (i) each payment is in an amount not less than US$200,000 or all outstanding amount due on account of such loan, whichever is lower, and (iii) a 7 day prior written notice is delivered.
 
 
 

 
 
(plenus logo)
 
3.
Definitive Agreements - The Definitive Agreements will include additional terms and conditions, such as representations and warranties, covenants, information rights, closing conditions, appropriate collateral arrangements to be provided by Magal to ensure the repayment of the loan, appropriate provisions regarding existing bank debt, and other customary terms that are derived from the specific nature of the loan transaction contemplated hereby.
   
4.
Generally Non-Binding - This non-binding proposal is only a statement of present intention with respect to the proposed loan transaction and is not intended to constitute a binding offer or commitment and shall not create or imply to create any obligation or liability of any kind or nature. Plenus shall have no liability or obligation whatsoever in connection with this non-binding proposal or the termination or modification thereof unless and until binding Definitive Agreements are executed by both parties.
 
    We look forward to the opportunity of working together on this transaction. This proposal shall automatically expire on September 15, 2010 unless an agreement between the parties is executed before such date,
 
  Sincerely,
     
  PLENUS MEZZANINE 2006 LTD.
   
 
By:
-s- ruthi simha
  Name:      Ruthi Simha
  Title:        General Partner
     
  PLENUS MANAGEMENT 2004 LTD.
   
 
By:
-s- ruthi simha
  Name:       Ruthi Simha
  Title:         General Partner
     
  PLENUS MANAGEMENT 2007 III LTD.
   
 
By:
-s- ruthi simha
  Name:       Ruthi Simha
  Title:         General Partner
 
 


EX-99.3 4 exhibit_99-3.htm EXHIBIT 99.3 exhibit_99-3.htm


Exhibit 99.3
 
(optex logo)
 
July 15, 2010
 
Magal Security Systems Ltd. (“Magal”)
17 Altalef Street
Industrial Zone
Yehud 56100, Israel

Re: Strategic Cooperation Between Our Companies
Dear Sirs and Madams:
 
We at Optex Co., Ltd. (“Optex”) are writing to you in order to propose to you the development of a strategic relationship between our companies. As you may be aware, we are a publicly traded Japanese corporation, the stock of which is listed on the Tokyo Stock Exchange. We specialize in passive and active infrared technology, control systems, and closed-circuit television (CCTV) products which are applied in four fields: our Security Products Business, which provides security sensor systems, our Entrance Control Business, which provides automatic door sensors and entrance control systems, our Industrial Sensors Business, which provides various products useful for quality control and safety control, and our Environmental Sensor Business, which contributes to environmental monitoring and water quality preservation.
 
As you are likely aware, our companies are currently party to a memorandum of understanding, dated July 27, 2009, with respect to Magal’s potential marketing of a product of ours through integration of such product into the systems that Magal offers. This existing arrangement has not resulted in any significant sales to date. We would like to create a more substantial relationship between our companies, encompassing a more fundamental alignment of our economic interests.
 
We have been following Magal for some time and feel that our companies possess important synergies with one another, based on our respective, complementary businesses in the realms of security systems, sensory products and related proprietary technologies. We would like to exploit such synergies for the mutual benefit of our respective companies, thereby creating value for our respective shareholder bases. We propose that our companies cooperate strategically on the commercial plane, in a more substantial manner than under our current, limited arrangement, and that we furthermore negotiate and consummate with you an equity investment by us in your company, in order to more definitively strengthen the ties between our companies.
 
 OPTEX CO., LTD  5-S-12, Ogoto, Otsu, Shiga. 520-0101 Japan    Phone: +81-77-579-8030    FAX: +81-77-579-8190
                         
 
 

 
 
(optex logo)
 
We also believe that the potential of Magal’s products and technology has not been translated by Magal’s current board and management into the world success that it may be, as has been evidenced by Magal’s recent disappointing results. We are confident that by our working together with Magal, we can help to bring such potential to fruition, and that Magal can achieve greater success and improve its performance. We do, however, feel strongly, based on our past interactions with Magal’s management and board of directors, that we will not succeed in helping to achieve such potential under Magal’s current board and management. Therefore, we are conditioning our proposed strategic cooperation and equity investment described in this letter (and the below-described bridge loan financing) upon the replacement of the current Magal board. Based on available public documentation, we believe that this can be accomplished via the adoption of proposed Items No. 1A and 1B at Magal’s extraordinary general meeting of shareholders that is scheduled to take place on August 12, 2010.
 
We have also learned, by reviewing the proxy statement filed by Magal with respect to the above-referenced shareholders meeting, that due to its current financial distress, Magal is seeking a six month bridge loan financing to help it meet its capital requirements. While the proxy statement indicates that Mr. Nathan Kirsh has offered, to provide such financing, assuming the preservation of the current composition of Magal’s board, Optex would be pleased to instead provide such financing itself, on even more favorable terms for Magal, on condition that Magal’s board be replaced as a result of the shareholders vote at the special meeting. We view such financing as an interim step towards building the more fundamental, strategic relationship that we have d escribed above. We would be pleased to provide a bridge loan financing (the “Loan”) under the following terms, which will be subject to our due diligence review of Magal and to our entry into agreed definitive agreements with respect to the Loan (“Definitive Agreements”) based on the results of our due diligence and subject to approval of our board of directors. We understand that Magal is undergoing a severe cash crisis, and therefore, in order to accommodate Magal, we intend to proceed quickly and conduct our due diligence as soon as possible, with your assistance. We would like to clarify that our proposal is not conditioned upon providing the Loan to Magal, and we will be glad to proceed with a strategic cooperation and equity investment even if the loan is provided by another third party unaffiliated with the Mr. Kirsh.

1.
Bridge Loan - At and subject to the closing of the transaction (the “Closing”), Optex will provide Magal with a loan of $5,500,000 (the “Principal Amount”). The Principal Amount will bear interest at the three-month London Interbank Offered Rate (“LIBOR”), plus 3.5%, per annum, accruing on a quarterly basis (the “Interest”).
   
2.
Repayment - The Principal Amount, and all Interest accrued thereon, will be due in its entirety on the six (6) month anniversary of the Closing (the “Maturity Date”). The Maturity Date may be extended by Magal one time for up to an additional sixty (60) days upon written notice provided to Optex at least five (5) days prior to the Maturity Date. The Principal Amount (or any outstanding portion thereof) will automatically mature and become fully due and payable by Magal upon the first to occur of any of the following: (i) the sale by Magal of all or substantially all of its assets; (ii) a liquidation, winding up or dissolution of Magal; (iii) the acquisition by any person or entity of greater than fifty percent (50%) of Magal’s outstanding share capital; (iv) a merger or consolidation of Magal into or with another entity in which Magal’s shareholders immediately prior to the transaction do not continue to hold at least fifty percent (50%) of the surviving entity’s outstanding share capital, or (v) a change in the composition of the board of directors of Magal such that at least 50% of the directors are replaced.
 
 OPTEX CO., LTD  5-S-12, Ogoto, Otsu, Shiga. 520-0101 Japan    Phone: +81-77-579-8030    FAX: +81-77-579-8190
 
 
 

 
 
(optex logo)
 
3.
Definitive Agreements - The Definitive Agreements will include additional terms and conditions, such as representations and warranties, affirmative and negative covenants, closing conditions and other customary terms that are derived from the specific nature of the Loan transaction contemplated hereby as well as certain customary collateral arrangements to be provided by Magal and/or its affiliates to ensure the repayment of the Loan.
 
This non-binding proposal letter is only a statement of present intention with respect to the proposed Loan and an expression of our interest in engaging in discussions concerning strategic cooperation and a potential equity investment, and is not intended by Optex to constitute a binding offer, commitment or obligation. Therefore Optex shall have no liability or obligation whatsoever in connection with this non-binding proposal or any discussions relating thereto unless and until final binding definitive agreements are executed by both parties and approved by the respective boards of directors of both parties.
 
                We look forward to hear back from you in order to continue to pursue our discussions. Given the current state of affairs at Magal we believe that time is of the essence and that you should indicate as soon as possible whether you are interested in pursuing discussions on the proposed cooperation between our two companies.

 
Sincerely,
     
 
OPTEX CO., LTD.
     
 
By:
-s- koji (luke) kado
 
Name: Koji (Luke) Kado
  Title: Executive Officer
 
 
 OPTEX CO., LTD  5-S-12, Ogoto, Otsu, Shiga. 520-0101 Japan    Phone: +81-77-579-8030    FAX: +81-77-579-8190
 
 


EX-99.4 5 exhibit_99-4.htm EXHIBIT 99.4 exhibit_99-4.htm


Exhibit 99.4
 
TO THE SHAREHOLDERS OF MAGAL SYSTEMS LTD.:
 
       This letter is provided by three separate entities (the “Shareholders”) and their respective affiliates (percentage holdings of Magal’s outstanding shares indicated):
 
 
Clough Capital Partners, LP (6.77%)
 
Prescott Group Capital Management, LLC (5.24%)
 
Diker GP, LLC (5.81%)
 
       in connection with our request, pursuant to Section 63(b)(2) of the Israeli Companies Law, 1999, to convene Magal’s Extraordinary General Shareholders Meeting to consider our proposal that:
 
 
(a)
The service of all directors (excluding Nathan Kirsh and two external directors) immediately terminate; and
 
(b)
Avihu Ben-Nun, Yoav Stern, Zivi Nedivi, Ami Amir and Israel Shafir be elected as directors.
 
WHO ARE WE?
 
       The Shareholders are unaffiliated U.S. based investment funds, separately managing sizeable investments in U.S. and Israeli public companies. We have invested millions of dollars in Magal and have experienced progressive value erosion. We have remained shareholders for years, through ongoing deterioration. We believe that mo st Magal shareholders share similar circumstances. Our board nominees are capable, experienced executives with a plan for Magal’s recovery, including an immediate cash injection from Plenus (http://www.viola-group.com/), a leading mezzanine fund, and an equity investment from a strategic partner, Optex Co. Ltd. (http://www.optex.co.jp/e/), a world leader with a security business complementary to Magal’s.
 
WHY REPLACE THE BOARD?
   
       Magal operates in stable, expanding markets offering growth opportunities. While recognized as market leader in perimeter intrusion detection, Magal’s performance continuously declines. Under fresh, capable leadership, Magal can recover and succeed. Absent such transformation, Magal will continue deteriorating.
 
  OPPORTUNITIES–Improving industry:
   
    Current management justifies decline based on “market weakness”.
     
 
 
  HOWEVER:
         
 
 
Leading research firms note resurging markets:
     
     
“a quick recovery... new government funding...Perimeter security market...worth $371.2M(2009)...forecast to grow at 9.0%, per annum (“CAGR”) to $570.4M(2014)...” (IMS Research)
       
     
“Perimeter Security markets are expected to grow at a steady pace...driven by growing risk facing critical infrastructures worldwide, growing demand... Fence systems are expected to grow...free-standing sensors is expected to remain strong.... buried systems is expected to grow...” (Frost & Sullivan)

 
1

 
 
WEAKNESSES:
 
Progressive deterioration under current board:
 
   
2006
   
2007
   
2008
   
2009
   
Ql/2010
 
Revenues
  $ 63.6M     $ 62.7M     $ 57.1M      $ 54.5M     $ 9.8M  
Income(Loss)-continuing operations
   2.0M      $   (1.1M
)
   $  (18.9M
)
   $   (5.3M
)
   $   (2.4M
)
Book Value
  $ 58.1M     $ 65.6M     $ 30.7M     $ 32.3M     $ 30.7M  
      
       Magal’s cumulative Net Loss– $34,300,000 during 2007-2010.
 
       Quantity of New Projects announced by Magal in 2009 declined sharply, exposing inability to stimulate revenues, foreshadowing expected market share and revenue losses.
 
       Share price has declined correspondingly, from approximately $14/share in March 2006 to $2.70/share in July 2010.
 
      Cash Crisis: Magal’s proxy statement for the upcoming meeting reveals, for the first time, that under current leadership, Magal endures a cash crisis, and may fail to continue as a going-concern. The board had not revealed this crisis to Magal’s shareholders previously.
 
Stale, unsuitable board: Magal needs directors with meaningful experience leading industrial/high-tech companies with international operations, handling turn-around situations and understanding, in-depth, command & control systems (“C&C”), communications, video-over-IP, sensors and system engineering, integration and security markets, which the present five directors (averaging 13 years service) do not possess.
   
Wasteful expenditures/compensation: In September-2007, the current board led a disastrous $12-15M cash acquisition, publicly announcing “it would generate revenues and income in 2007 and beyond ...”. Instead, it lost $11.9M and was written off 16 months later.
   
  Immediately thereafter, despite Magal’s decline, the directors provided a lifetime compensation package and a lavish retirement package to the ex-chairman, and ex-CEO (his son-in-law), respectively. The present chairman is paid generously for a 50-60% time commitment, with significant other commitments, which prevent fulfillment of his Magal obligations. Despite  Magal’s performance, in June 2010, he received compensation improvements.
   
Magal’s significant management instability, 12/2007-3/2010:
  o
4 CFOs left.
  o
3 individuals were CEO.
  o
2 Senior VP-R&D left.
  o
Fiber-Optics-Technology Leader left.
  o
3-4 VPs left.

 
2

 

WHY WILL THE CURRENT BOARDS FINANCING PLAN (Proxy Card Item 2) CAUSE YOU FINANCIAL LOSS?
 
       The financing offered in response to our proposals will increase the principal shareholder’s and board’s control AT YOUR EXPENSE, entrenching a failing board, preventing, perhaps permanently, a turn-around.
   
      Dilutive financing: The financing (private placement to Nathan Kirsh, and his disproportional participation in a rights offering) involves a substantial share issuance at an all-time-low-price.
 
       YOU WILL NEED TO INVEST ADDITIONAL CASH. IF NOT:
     
    o    Your ownership will be diluted.
    o    The share price may fall, causing additional value loss.
    o    Kirsh and the current, failing board (on which he serves and controls) will further increase their control to virtually total control. In the future, you will have NO SAY.
 
       Preclusion of new opportunities: The public’s dilution would preclude Magal’s public shareholders from triggering a turn-around.
 
       Is it a Real Cash Crisis?   Ironically, the proposed financing followed, and responded to, our proposals, which would enable new strategies and turn-around solutions. 
 
      Is Magal’s cash crisis the true rationale for the financing?  THEN, its approval could have been sought on June-23rd-2010, at Magal’s annual meeting.
   
               OR:
 
      Is the failing control group actually seeking to take absolute control, AT YOUR EXPENSE, using a cash crisis threat as a justification?
 
      An approval of our proposals may represent the last opportunity for public shareholders to save Magal from this control group and influence Magal’s future.
 
HOW WILL WE “CURE” MAGAL?
 
    Our nominees provide shareholders much improved chances for value realization.   They ARE NOT AFFILIATED with each other or us, and were identified solely based on CREDENTIALS& RECORD.BIOGRAPHIES: http://www.sec.gov/Archives/edgar/data/896494/000114420410036901/vl90054_6k.htm, pages 6-8.
 
      Professionally qualified:
 
     Major General Ben-Nun, ex-Chairman of General Motors’ UMIT/R&D center in Israel, and ex-Commander of the Israeli Air Force, has led technology organizations and possesses a network of contacts with international security and defense end users, matching Magal’s markets.
 
     Yoav Stern, ex-Interim CEO of Magal and our proposed CEO, has, for 20 years, turned around North American and Israeli hi-tech industrial companies. He possesses substantial technological vision, managerial and financial skills, is closely familiar with Magal’s personnel, and thoroughly understands Magal’s business and markets.
 
 
3

 
 
     Zivi Nedivi joins Stern in executing our turnaround plan, as accomplished before for U.S. companies. Nedivi has saved large organizations in difficult circumstances, having led a $300M US aviation maintenance business from the brink of liquidation to renewed profitability and growth.
 
     General (Res.) Shafir, ex-VP and Head of C&C Product Marketing of Magal, has successfully invented Emergency-Situations-Decision-Support-System, and intimately understands Magal’s markets and products.     
 
     Ami Amir, possessing vast experience in Communication-IP technologies, having founded and managed a world leader in video over IP and a U.S. electronic distribution/marketing organization, will assist Magal’s conversion from “has-bee n” to innovative technology & market leader.
 
      Experience at Magal: Our team is positioned to initiate a turnaround immediately. Two of our candidates were Magal senior executives— interim CEO and Vice President for Business Development 212; during 2009. Throughout that period, a comprehensive turnaround plan was designed, involving a strategic re­positioning of the business on a profitable growth path. While the implementation started and RECEIVED WRITTEN PRAISES from the board and Kirsh, the plan was soon abolished, as changes were rejected by the chairman, viewed as too rigorous for Magal.
 
      Clear Business Plan: Despite losing ground to competitors under failed leadership, Magal is still the recognized market leader. Our team will adjust our plan to account for Magal’s downturn. O ur proposed CEO has been traveling worldwide and visiting industry players, discussing with them strategy, growth and cooperation plans. His up-to-date knowledge of the market landscape is invaluable.
     
   o   Revise Business-Model: We intend to immediately effect structural changes to Magal’s business to re-position Magal and improve its product offering for competitiveness and profitable growth. For obvious competitive reasons, we cannot elaborate.
     
   o   Reduction of Overhead: Important, but does not, by itself, cause company growth or value accretion. Magal’s latest 25% manpower reduction in Israel eliminated valuable senior engineers, which may lead to losing complete product lines and customers. As an alternative to losing key personnel in 2009, Mr. Stern, our nominee & then Interim-CEO, convinced all employees to volunteer 10% compensation reduction. Present chairman approved, but REFUSED to reduce HIS own.
     
   o   Financing: We intend to pursue a financing through a competitive process, untainted by conflicts of interest that characterize the current control group. After our new board nominees presented our plan to Plenus, a leading mezzanine fund, part of the $2 billion Viola group (http://www.plenus.co.il/Mezzanine/app/about_viola.asp), Plenus provided us with a written proposal for $6 million bridge loan followed by mid/long term mezzanine financing on more favorable terms than Kirsh’s proposal.

 
4

 
     
   o   Strategic Partners: We have obtained from Optex Co. Ltd. (http://www.optex.co.jp/e/), a $200M Japanese public company and world-leading sensor equipment provider whose security business complements Magal’s, a written proposal for strategic cooperation and cash equity investment in Magal, including a bridge financing offer on more favorable terms than Kirsh’s. Optex knows Magal well and CONDITIONED SUCH TRANSACTIONS UPON REPLACEMENT OF THE CURRENT BOARD.
 
WHAT DO WE RECOMMEND?
 
      Shareholders should replace an entrenched, unsuccessful board with fresh candidates capable of leading Magal to better prospects.
 
      Please VOTE
 
  þ
FOR proposals 1A and 1B
     
  and
   
  x AGAINST proposal 2!
 
      Additional information is available at www. MagalVote.com.
 
 
5
 


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-----END PRIVACY-ENHANCED MESSAGE-----