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MTI Wireless Edge - Contract Win worth approximately US$1.5 million

RNS Number : 4068C
MTI Wireless Edge Limited
10 February 2020
 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

10 February 2020

MTI Wireless Edge Ltd ("MTI" or the "Group")

 

Contract Win worth approximately US$1.5 million

 

MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased to announce that the St Petersburg office of MTI Summit has secured a significant order for delivery in 2020 from a Russian customer. The contract is worth approximately US$1.5 million and is for the supply of radio frequency components.  

Operating under the Group's Distribution & Professional Consulting Services Division, MTI Summit represents 40 international suppliers of radio frequency and microwave components and sells these products to customers. Expert knowledge of both the international suppliers and customers further enables MTI to act as a consultant to all parties and assist with devising radio frequency and microwave solutions, as was the case with this contract win.

MTI's CEO, Moni Borovitz, commented: "Since the acquisition of Summit by MTI in 2013, this division has traded under the MTI Summit brand and has been growing very satisfactorily.  Customers are increasingly recognizing our ability to source radio frequency and microwave components and to be an active partner in helping to solve design challenges by offering suitable components for a particular solution.

This win is particularly good news for our St Petersburg office, as it is their largest order to date. In addition, there is an order book of further Russian orders which bodes well for this office and for the division as a whole in 2020."

 

For further information please contact:

MTI Wireless Edge Ltd                                                                                            +972 3 900 8900

Moni Borovitz, CEO                                                                                                  http://www.mtiwirelessedge.com

 

Allenby Capital Limited (Nomad and Joint Broker)                                           +44 20 3328 5656

Nick Naylor

Alex Brearley

 

Peterhouse Capital Limited (Joint Broker)                                                          +44 20 7469 0930

Lucy Williams

Eran Zucker

 

Novella (Financial PR)                                                                               +44 20 3151 7008

Tim Robertson

Fergus Young

 

About MTI Wireless Edge Ltd. ("MTI")

Headquartered in Israel, MTI is a technology group focused on comprehensive communication and radio frequency solutions across multiple sectors through three core divisions:

Antenna Division 

MTI is a world leader in the design, development and production of high quality, state-of-the-art, and cost-effective antenna solutions including Smart Antennas, MIMO Antennas and Dual Polarity Antennas for wireless applications. MTI supplies antennas for both military and commercial markets from 100 KHz to 90 GHz.

Internationally recognized as a producer of commercial off-the-Shelf and custom-developed antenna solutions in a broad frequency range, MTI addresses both commercial and military applications.

MTI supplies directional and omnidirectional antennas for outdoor and indoor deployments, including smart antennas for WiMAX, Broadband access, public safety, RFID, base stations and terminals for the utility market.

Military applications include a wide range of broadband, tactical and specialized communication antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide. 

Water Control & Management Division 

Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI provides high-end remote control solutions for water and irrigation applications based on Motorola's IRRInet state-of-the-art control, monitoring and communication technologies.

As Motorola's global prime-distributor Mottech serves its customers worldwide through its international subsidiaries and a global network of local distributors and representatives. With over 25 years of experience in providing customers with irrigation remote control and management, Mottech's solutions ensure constant, reliable and accurate water usage, while reducing operational and maintenance costs. Mottech's activities are focused in the market segments of agriculture, water distribution, municipal and commercial landscape as well as wastewater and storm-water reuse.

Distribution & Professional Consulting Services Division 

Via its subsidiary, MTI Summit Electronics Ltd., MTI offers consulting, representation and marketing services to foreign companies in the field of RF and Microwave solutions and applications including engineering services (including design and integration) in the field of aerostat systems and the ongoing operation of Platform subsystems, SIGINT, RADAR, communication and observation systems which is performed by the Company.


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Quick facts: MTI Wireless Edge Limited

Price: 38.5

Market: AIM
Market Cap: £33.84 m
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