Magal Security Systems Obtains Israel Tax Authority Pre-Ruling for Cash Distribution

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Magal Security Systems

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 that on Sunday, December 27, 2020, the Israel Tax Authority (“ITA”) issued an interim tax pre-ruling that will enable shareholders who receive the previously announced Cash Distribution payable today to qualify for an exemption and, or a lower withholding tax, rate and thus benefit from lower rates.

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Please reference the Form 6-K filed by the Company today with the Securities and Exchange Commission (SEC) for more detailed information on the taxation of the cash distribution payable on December 28, 2020.