Magal Security Systems Announces Sale of its Projects Division to Aeronautics Ltd., a Subsidiary of RAFAEL
YEHUD, ISRAEL, February 8, 2021 – Magal Security Systems, Ltd. (NASDAQ: MAGS), a leading
international provider of comprehensive physical, video, and access control security products and
solutions, as well as critical site management, announced today its entry into an asset purchase agreement
to sell its Integration Solutions Division, or projects division, to Aeronautics Ltd., a subsidiary of
RAFAEL Advanced Defense Systems Ltd., for approximately $35 million. The transaction is expected to
be completed by the second quarter of 2021, and is subject to customary closing conditions, including
regulatory approvals. The Company will conduct a conference call to review the transaction on
Wednesday February 10, 2021 at 11:00 a.m. Eastern Time.