REG - MTI Wireless Edge - Extension of share repurchase programme

MTI Wireless EdgeAnnouncement

27/07/2020 07:00

RNS Number : 0785U
  
MTI Wireless Edge Limited
  
27 July 2020
  
 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
 
27 July 2020
MTI Wireless Edge Ltd
("MTI" or the "Company")
Extension of share repurchase programme 
 
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 it will continue the programme to conduct market purchases of its ordinary shares of par value 0.01 Israeli Shekels (the "share repurchase programme").  The share repurchase programme, which was commenced on 28 January 2019, was originally in place until no later than 26 July 2019 and subsequently extended until 26 July 2020.  At a recent meeting the board of directors of the Company decided to extend the share repurchase programme until 26 January 2021. 
 
The share repurchase programme shall continue under the same terms and conditions originally announced by the Company on 24 January 2019.
 
Commenting on the share repurchase programme, CEO Moni Borovitz, said: "We believe that this programme has contributed to a significant increase in liquidity in MTI's shares and it is logical therefore to extend it again."
 
 
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 (Corporate Finance)
Alex Brearley (Corporate Finance)
Guy McDougall (Equity Sales)
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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