Document:

Unassociated Document

     

    
      
        	 	      
                 

                17
      Altalef St. PO Box 70, Yahud

                Industrial
      Zone 56100,
Israel
 

      

       

      
 

      Magal S3 to Host Second Quarter 2010
Earnings Results Conference Call

      on September 1,
2010

      

      --Call
to be held at 10:00 AM ET--

      

      YEHUD, Israel –
August 23, 2010 Magal S3 (NASDAQ
GM: MAGS; TASE: MAGS), announced today that it will host a conference call to
discuss its second quarter 2010 earnings results on September 1, 2010, at 10:00
ET, 17:00 PM Israel time. The quarterly results will be published prior to the
conference call on August 31, 2010.

      

      To access
the conference call, please dial one of the following numbers:

      

      US:
1 888 668 9141

      International:  +972
3 9180609

      Israel:  03
9180609

      

      A replay
of the conference call will be available from the day after the call. The replay
can be accessed on the Magal website at: www.magal-s3.com.

      

       

      About
Magal S3:

       

      Magal
S3
is a leading international provider of security, safety and site management
solutions and products. 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
      Analytics (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.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        
          
            	 	      
                     

                    17
      Altalef St. PO Box 70, Yahud

                    Industrial
      Zone 56100,
Israel
 

          

           

        

      

      

      

      For
more information:

      

      
        	
                Magal
      S3

                Eitan
      Livneh, President & CEO

                Tel:
      +972-3-539-1421

                Assistant:
      Ms. Elisheva
      Almog

                E-mail: ElishevaA@magal-s3.com

                Web:
      www.magal-s3.com

              	
                Financial
      Communication

                Public
      & Investor Relations

                Hadas
      Friedman

                E-mail:
      hadas@fincom.co.il

                Tel:
      +972-3-6954333 ext. 6

                Mobile:
      +972-54-2303100Unassociated Document

    NEITHER
THE SECURITIES REPRESENTED BY NEITHER THIS NOTE OR THE SECURITIES ISSUABLE UPON
CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY STATE
SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION
STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE
COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH
COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE
OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE
SECURITIES LAWS.

     

     

    
      
        
          

        

      

    

     

    PROMISSORY
NOTE

     

    
      
        	
                $_________

              	
                New
      York, New York

              
	 
      	
                __________,
      2010

              
	 	 

      

    

    Cliff Rock Resources Corp., a Nevada
corporation (the “Company”), for value
received hereby promises to pay to
[                               ]
or its registered assigns (the “Holder”), the sum of
$_________, or such other amount as shall then equal the outstanding principal
amount hereof and all accrued and unpaid interest, as set forth below, on
______________ (the “Maturity Date”).  This Note shall be pre payable
at the Company’s option. Payment for all amounts due hereunder shall be made by
wire transfer of immediately available funds, in lawful tender of the United
States, to an account designated in writing by the Holder.

    

    1. Definitions. As used in this
Note, the following terms, unless the context otherwise requires, have the
following meanings:

     

    (i) “Company” includes any
corporation that, to the extent permitted by this Note, shall succeed to or
assume the obligations of the Company under this Note.

     

    (ii) “Holder,” when the
context refers to a holder of this Note, shall mean any person who shall at the
time be the registered holder of this Note.

     

    2. Interest. Until all
outstanding principal and interest on this Note shall have been paid in full,
interest on the unpaid principal balance of this Note shall accrue from the date
hereof at the rate of 30.0% per annum (the “Initial Interest
Rate”).  Interest will be payable on the Maturity
Date.  In the event that this Note is not paid on the Maturity Date
the interest shall automatically be increased to 10% per annum.

     

    3. Events of Default. If any of
the events specified in this Section 3 shall occur (herein individually referred
to as an “Event of
Default”), the Company agrees to give the Holder prompt written notice of
such event. The Holder may, so long as such condition exists or has
not  been cured during the applicable cure period (whether or not the
Holder has received notice of such event), declare the entire principal and
unpaid accrued interest here on immediately due and payable, by notice in
writing to the Company; provided that upon occurrence of an Event of Default
specified in subsection (ii) below, all principal and interest shall
automatically become immediately due and payable in full:

     

     

     

     

     

     

    
      
        
        

      

      
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    (i)           Failure
by the Company to make any payment hereunder when due, which failure has not
been cured within ten (10) days following such due date; or

     

    (ii)           Any
breach by the Company of any material representation, warranty or covenant in
this Note which results in a Material Adverse Effect on the Company’s business,
operations or financial condition; provided, that, in the event of any such
breach, such breach shall not have been cured by the Company within 30 days
after the earlier to occur of (a) written notice to the Company of such breach,
and (b) the Company’s knowledge of such breach; or

     

    (iii)           The
institution by the Company of proceedings to be adjudicated as bankrupt or
insolvent, or the consent by it to institution of bankruptcy or insolvency
proceedings against it or the filing by it of a petition or answer or consent
seeking reorganization or release under the federal Bankruptcy Act, or any other
applicable federal or state law, or the consent by it to the filing of any such
petition or the appointment of a receiver, liquidator, assignee, trustee or
other similar official of the Company, or of any substantial part of its
property, or the making by it of an assignment for the benefit of creditors, or
the taking of corporate action by the Company in furtherance of any such action;
or

     

    (iv)           If,
within sixty (60) days after the commencement of an action against the Company
seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or
similar relief under any present or future statute, law or regulation, such
action shall not have been resolved in favor of the Company or all orders or
proceedings thereunder affecting the operations or the business of the Company
stayed, or if the stay of any such order or proceeding shall thereafter be set
aside, or if, within sixty (60) days after the appointment without the consent
or acquiescence of the Company of any trustee, receiver or liquidator of the
Company or of all or any substantial part of the properties of the Company, such
appointment shall not have been vacated; or

     

    4.           Miscellaneous. 

     

    4.1           Notices of Record Date,
etc.  In the event of:

     

    4.11           Any
taking by the Company of a record of the holders of any class of securities of
the Company for the purpose of determining the holders thereof who are entitled
to receive any dividend or other distribution, or any right to subscribe for,
purchase or otherwise acquire any shares of stock of any class or any other
securities or property, or to receive any other right; or

     

    4.1.2                      Any
capital reorganization of the Company, any reclassification or recapitalization
of the capital stock of the Company or any transfer of all or substantially all
of the assets of the Company to any other person or any consolidation or merger
involving the Company; or

     

     

     

     

    
      
        
        

      

      
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    4.1.3                      Any
voluntary or involuntary dissolution, liquidation or winding-up of the Company;
the Company will mail to the holder of this Note at least five (5) business days
prior to the earliest date specified therein, a notice specifying:

     

    4.1.3.1                      
The date on which any such record is to be taken for the purpose of such
dividend, distribution or right, and the amount and character of such dividend,
distribution or right; and

     

    4.1.3.2                        The
date on which any such reorganization, reclassification, transfer,
consolidation, merger, dissolution, liquidation or winding-up is expected to
become effective and the record date for determining stockholders entitled to
vote thereon.

     

    5.           Conversion.   The
Company shall have the right to convert the principal amount of this Note into
an investment in the Company’s contemplated private placement (the “Private
Placement”) on the same terms as offered to the investors in the Private
Placement provided that the Private Placement results in gross proceeds to the
Company of at least $500,000 exclusive of the conversion of this
Note.  It is contemplated that the Private Placement will consist of
shares of common stock at $.35 per share.  For every share purchased,
investors would receive a half of a warrant to purchase common stock at $.30 per
share.  There can be no assurance as to what the final terms of the
Private Placement will be.

     

    6.           Registration.   The
Company agrees that in the event that it files a registration statement to
register any of its securities under the Act it will include the shares of
common stock issuable upon conversion of this Note and upon exercise of the
Warrant in such registration statement.

     

    7.           Assignment. Subject to the
restrictions on transfer set forth herein, the rights and obligations of the
Company and the Holder of this Note shall be binding upon and benefit the
successors and assigns of the parties. This Note may not be assigned or
transferred by the parties except in accordance with the terms hereof.   This
Convertible Note is nontransferable by the Noteholder without prior written
approval of the Board of Directors of the Company.  Prior to the Board
of Directors of the Company approving the sale of this Convertible Note to a
third party, it must first be offered for sale to the Company for a period of 30
days.  If the Company fails to purchase this Convertible Note within
the 30 day period, this Convertible Note must be next be offered for sale to all
existing shareholders at a price equal to the price at which it was offered to
the Company.  Existing shareholders have a further 30 days to purchase
this Convertible Note.  If neither the Company nor existing
shareholders agrees to purchase this Convertible Note within the prescribed
period of time, the Noteholder may sell this Convertible Note to a third party,
approved in writing by the Company, at a price equal to the face value of this
Convertible Note.

     

    8.           Waiver and Amendment. Any
provision of this Note may be amended, waived or modified upon the written
consent of the Company and the Holder.

     

    9.           Transfer of this Note. With
respect to any offer, sale or other disposition of this Note, the Holder will
give written notice to the Company prior thereto, describing briefly the manner
thereof, together with a written opinion of such Holder’s counsel, which counsel
must be acceptable to the Company, to the effect that such offer, sale or other
distribution may be effected without registration or qualification (under any
federal or state law then in effect). Promptly upon receiving such written
notice and opinion, the Company, as promptly as practicable, shall notify such
Holder that such Holder may sell or otherwise dispose of this Note, all in
accordance with the terms of the notice delivered to the
Company.  Each Note thus transferred shall bear a legend as to the
applicable restrictions on transferability in order to ensure compliance with
the Act, unless in the opinion of counsel for the Company such legend is not
required. The Company may issue stop transfer instructions to its transfer agent
in connection with such restrictions.

     

     

     

     

     

    
      
        
        

      

      
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    10.             Treatment of Note. To the
extent permitted by GAAP, the Company will treat, account and report the Note as
debt and not equity for accounting purposes and with respect to any returns
filed with federal, state or local tax authorities.

     

    11.             Notices. Any notice, request
or other communication required or permitted hereunder shall be in writing and
shall be deemed to have been duly given if personally delivered or if faxed with
confirmation of receipt by telephone or if mailed by registered or certified
mail, postage prepaid, at the respective addresses of the parties as set forth
in this Note. Any party hereto may by notice so given change its address for
future notice hereunder. Notice shall conclusively be deemed to have been given
when personally delivered, faxed, or when deposited in the mail in the manner
set forth above and shall be deemed to have been received when
delivered.

     

    12.             No Stockholder
Rights.  Nothing contained in this Note shall be construed as
conferring upon the Holder or any other person the right to vote or to consent
or to receive notice as a stockholder in respect of meetings of stockholders for
the election of directors of the Company or any other matters or any rights
whatsoever as a stockholder of the Company; and no dividends or interest shall
be payable or accrued in respect of this Note or the interest represented
hereby.

     

    13.             Usury. This Note is hereby
expressly limited so that in no event whatsoever, whether by reason of
acceleration of maturity of the loan evidenced hereby or otherwise, shall the
amount paid or agreed to be paid to the Holder hereunder for the loan, use,
forbearance or detention of money exceed that permissible under applicable law.
If at any time the performance of any provision of this Note or of any other
agreement or instrument entered into in connection with this Note involves a
payment exceeding the limit of the interest that may be validly charged for the
loan, use, forbearance or detention of money under applicable law, then
automatically and retroactively, ipso facto, the obligation to be performed
shall be reduced to such limit, it being the specific intent of the Company and
the Holder that all payments under this Note are to be credited first to
interest as permitted by law, but not in excess of (i) the agreed rate of
interest set forth herein or therein or (ii) that permitted by law,
whichever is the lesser, and the balance toward the reduction of principal. The
provisions of this Section 12 shall never be superseded or waived and shall
control every other provision of this Note and all other agreements and
instruments between the Company and the Holder entered into in connection with
this Note.

     

    14.             Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of
New York, excluding that body of law relating to conflict of laws.

     

     

     

     

     

     

     

    
      
        
        

      

      
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    15.             Heading; References. All
headings used herein are used for convenience only and shall not be used to
construe or interpret this Note. Except where otherwise indicated, all
references herein to Sections refer to Sections hereof.

     

    16.             Waiver. The Company hereby
waives demand, notice, presentment, protest and notice of dishonor.

     

    

     

    IN
WITNESS WHEREOF, the Company has caused this Note to be issued this __ day of
_______, 2010.

     

    
      
        
          	 
      	
                  Cliff
      Rock Resources Corp.

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  __________________________

                
	 
      	 
      	
                  Name:
      Wayne Hughes

                
	 
      	 
      	
                  Title:
      Chief Executive Officer

                

        

      

    

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        5

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