Magal Board of Directors and Chairman Supported by Principal Shareholder

Magal Security Systems disclosed that it has received a letter from its principal shareholder, Natie Kirsh, in which he notified Magal that he has sent a letter to the shareholders of the company in which he has indicated unequivocal support for the company’s current board of directors and chairman. The letter also stated that Kirsh is against the current initiative of certain shareholders to elect a new board of directors and chairman. In his letter, Kirsh confirms his support for a proposed right offering that will provide the company with additional capital and will enable management to fully implement its recently announced strategic plan. Kirsh also advised that he has offered to extend a bridge loan of US$5 million in anticipation of such offering, contingent on the current board of directors remaining in place read more