logo-loader
MTI Wireless Edge Limited

MTI Wireless Edge says irrigation control solution unit inks Chinese contract valued at more than US$3mln

“This is the largest individual order ever received by MTI, which will contribute to the Group's overall growth and represents significant growth for its business in China,” the group said

Contract signing
The agreement is with an existing customer who has previously purchased and installed Mottech's solutions in China, MTI added

MTI Wireless Edge Ltd (LON:MWE) announced that its wireless irrigation control solutions subsidiary, Mottech Water Solutions Ltd has signed an agreement valued at more than US$3mln for the provision of solutions in the Chinese market, the largest individual order ever received by the group.

The AIM-listed technology firm, which is focused on comprehensive communication and radio frequency solutions across multiple sectors, said Mottech has received an initial payment and first order under this agreement, which is expected to be delivered in full within five years.

READ: MTI Wireless to deploy tethered balloon system as part of US$1.4mln support services deal

The agreement is with an existing customer who has previously purchased and installed Mottech's solutions in China, the company added.

It pointed out: “This is the largest individual order ever received by MTI, which will contribute to the Group's overall growth and represents significant growth for its business in China.”

Mottech's general manager, Dudi Shani, commented: "We see this agreement as an important step in the realisation of the substantial potential in this territory.

“We believe that China has the potential to become Mottech's biggest market over the coming years."

In afternoon trading, shares in MTI Wireless were 1.9% higher at 26.50p.

Quick facts: MTI Wireless Edge Limited

Price: 39.7 GBX

Market: AIM
Market Cap: £34.87 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of MTI Wireless Edge Limited named herein, including the promotion by the Company of MTI Wireless Edge Limited in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

MTI Wireless Edge seeing 'continued significant revenue growth and...

MTI Wireless Edge Ltd's (LON:MWE) Richard Bennett discusses with Proactive London's Andrew Scott the group's results for the nine months to the end of September. Revenues increased by 12% in the period to $29mln while operating profit increased 33% to $2.5mln.

2 weeks ago

2 min read