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MTI Wireless Edge - Contract Renewal

RNS Number : 0542F
MTI Wireless Edge Limited
05 March 2020
 

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

 

5 March 2020

MTI Wireless Edge Ltd 

("MTI" or the "Group")

 

Contract Renewal

 

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 Mottech Water Solutions Ltd ("Mottech"), the Group's subsidiary in the wireless irrigation control solutions sector, has signed a renewal service agreement valued at approximately US$0.9 million.  The renewal service agreement is with one of the five largest municipalities in Israel and one of Mottech's largest service customers. The services will be provided over the next two years, with options to increase the term of the services for up to a further three years.      

Mottech's General Manager, Dudi Shani, commented: "We are delighted with this renewal agreement, which demonstrates the satisfaction of the customer who has been a client for over two decades now. The initial term of this agreement is for two years, but the municipality has the option to extend it three times, in each case for an additional year, and our experience shows that this is normally the case. As such, we consider it likely that this will be a five year renewal agreement with a total value of US$2.3 million, with the potential for increases as the agreement includes price adjustments in relation to the number of units to be serviced, which have tended to increase over time."

The Vice President of Operations at the municipality said: "We have been a user of Mottech's wireless water management solutions for over 20 years now, as they have consistently delivered an efficient and effective service. Our water usage matches the needs of the plant life and vegetation covering approximately 1,000 acres of city landscapes that we are responsible for. By being accurate we reduce our operational and maintenance costs and as importantly avoid water wastage (representing an estimated saving of over 50%) at a time when water is in increasingly short supply."

 

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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Price: 38.5

Market: AIM
Market Cap: £33.84 m
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