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MTI Wireless Edge - Contract Renewal

RNS Number : 9507M
MTI Wireless Edge Limited
27 January 2021
 

27 January 2021

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 of an existing service agreement valued at approximately US$0.65 million.  The renewal 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 two 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 renewal agreement is for two years, but the municipality has the option to extend it for an additional two years. Our experience shows that this customer usually provides us with more work during the service contract and in the past several years, additional work totaled approximately US$0.3m per annum.  As such, we consider it likely that this will be a four year renewal agreement with a total value of US$2.5 million, with the potential for increases as the agreement includes price adjustments."

The Vice President of Landscape and Special Areas 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. Since 2004 we have tripled the area of the plant life and vegetation, which today covers over 2,000 acres of city landscapes. Also over the same period, we were able to grow the wireless monitored and irrigated area from 30% of the landscape to over 95%, resulting in a reduction of the water consumption per cubic meter by two thirds. This is critical to the City budget, saving millions of NIS per year, as the climate requires irrigation on 75% of the days of the year to maintain the City greens."

 

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 (Corporate Finance)

Guy McDougall (Sales and Corporate Broking)

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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