REG - MTI Wireless Edge - Proposed Board Change & Notice of Results & AGM

MTI Wireless EdgeAnnouncement

06/02/2023 07:00

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RNS Number : 9243O  MTI Wireless Edge Limited  06 February 2023

6 February 2023

 

MTI Wireless Edge Ltd

("MTI" or the "Company")

 

Notice of shareholder meetings

 

Proposed appointment of Non-Executive Director

 

Notice of announcement of the 2022 Full Year Results and Investor Presentation

 

 

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 be holding its Annual General
Meeting (the "AGM") at 14.00 hrs (London time) on 14 March 2023. The AGM will
be held at the offices of Allenby Capital Limited, 5 St Helen's Place, London,
EC3A 6AB for the purpose of:

1.   the presentation of the financial reports for the year ended 31
December 2022;

2.   re-electing Mr. Zvi Borovitz as chairman of the Company;

3.   re-electing Mr Moni Borovitz, the Company's CEO, as a director of the
Company;

4.   re-electing Mr Dov Feiner, the Company's antenna division General
Manager, as a director of the Company;

5.   re-electing Mr David Yariv as a non-executive director of the Company;

6.   re-appointing BDO Israel LLP as the Company's auditors for the year
ending 31 December 2023 and to authorize the directors to determine the
auditors' remuneration for such year in accordance with the recommendation of
the Audit Committee; and

7.   approving the appointment of Mr. Michael Yehezkel Karo as an
independent director and the grant of an indemnity letter to Mr. Michael
Yehezkel Karo, on the same terms as the other officers in the Company and in
accordance with the existing remuneration policy.

 

Shareholders should note that Mrs Lihi Elimelech Bechor and Mr. Luke Ahern
will remain in their positions as non-executive external directors as a result
of the fact that their appointment was for three years from April 2021 and
March 2022, respectively.

 

Shareholders should also note that, following its publication, the Company
will not be posting printed copies of the annual report for the year ended 31
December 2022 to its shareholders.  Shareholders who require a copy of the
annual report may download it from the Company's website at
www.mtiwirelessedge.com (http://www.mtiwirelessedge.com) or write to the
Company at MTI Wireless Edge Ltd Headquarters,11 Hamelacha St. Afek Industrial
Park, Rosh-Ha'Ayin, Israel requesting a hard copy.

2022 Full Year Results and Investor Presentation

MTI expects to announce its financial results for the year ended 31 December
2022 on Monday, 13 March 2023.

Moni Borovitz, Chief Executive Officer, will provide a live investor
presentation relating to the financial results via the Investor Meet Company
(IMC) platform on Monday, 13 March 2023 at 10.00am UK time.

Investors can sign up for free via:
https://www.investormeetcompany.com/mti-wireless-edge-ltd/register-investor
(https://www.investormeetcompany.com/mti-wireless-edge-ltd/register-investor)

Investors who have already registered and added to meet the Company, will be
automatically invited to the meeting.

The presentation is in line with MTI Wireless Edge's commitment to ensuring
that appropriate communication structures are in place for all of its
shareholders.

Questions can be submitted pre-event through your IMC dashboard up until
9.00am on the day before the meeting or at any time during the live
presentation.  Management may not be in a position to answer every question
it receives but will address those it can while remaining within the confines
of information already disclosed to the market. Responses to the Q&A from
the live presentation will be published at the earliest opportunity on the
Investor Meet Company platform.

Election of Mr. Michael Yehezkel Karo as independent director

Pursuant to the provisions of the Israeli Companies Law, the Company has to
nominate an independent director in addition to two external directors. Mr.
Amnon Sofrin has now served for nine years (including with MTI Computers and
Software Service (1982) Ltd. which merged in 2018 into the Company) and
therefore can no longer be regarded as an independent director and has to be
replaced. The Company therefore proposes the election of Mr. Michael Yehezkel
Karo as the replacement independent director.

 

Subject to his appointment, Mr. Michael Yehezkel Karo will be entitled to
annual remuneration in accordance with the Companies Regulations (Rules
concerning Remuneration and Expenses for External Directors), 5760-2000 and
the remuneration policy. In addition, he will be entitled to be included in
the Company's insurance and indemnity arrangements for officers.

 

Michael Yehezkel Karo is a highly experienced program manager with a thorough
technical background and strong proven leadership. He has worked for over 35
years in RAFAEL Advanced Defense Systems Ltd. performing multiple positions
including development, system engineering, integration and program management.
Mr. Karo holds an MBA in business administration from Haifa University.

 

Michael Yehezkel Karo (who previously had the name Michael Yehezkel), age 63,
is not currently a director of any company or a partner in any partnership. In
the last five years Mr Karo has not served as a director of any companies or
been a partner in any partnerships. Mr Karo does not currently hold any
ordinary shares in the Company.

 

The audit committee has reviewed the declaration of Mr. Michael Yehezkel Karo
and finds him suitable to serve as an independent director.

 

Notice to shareholders

The notice of the AGM will be posted to shareholders and will shortly be
available on the Company's website at the following address,
www.mtiwirelessedge.com (http://www.mtiwirelessedge.com) , in accordance with
AIM Rule 20.

 

For further information please contact:

 MTI Wireless Edge Ltd                                          +972 3 900 8900

 Moni Borovitz, CEO                                             http://www.mtiwirelessedge.com (http://www.mtiwirelessedge.com)
 Allenby Capital Limited (Nomad and Joint Broker)               +44 20 3328 5656

 Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)

 Amrit Nahal/David Johnson (Sales and Corporate Broking)

 Shore Capital (Joint Broker)                                   +44 20 7408 4090

 Toby Gibbs/John More (Corporate Advisory)

 Fiona Conroy (Corporate Broking)

 Novella (Financial PR)                                         +44 20 3151 7008

 Tim Robertson/Safia Colebrook

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 174 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 5G backhaul, Broadband access,
public safety, RFID, base station 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 and monitoring 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, increase crops
quality and yield while reducing operational and maintenance costs providing
fast ROI while helping sustain the environment. 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. It also specializes in
the development, manufacture and integration of communication systems and
advanced monitoring and control systems for the Government and defence
industry market.

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