REG - MTI Wireless Edge - Significant Contract Win

MTI Wireless EdgeAnnouncement

18/07/2022 07:00

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RNS Number : 7247S  MTI Wireless Edge Limited  18 July 2022

Dissemination of a Regulatory Announcement that contains inside information
for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310.

18 July 2022

MTI Wireless Edge Ltd

("MTI" or the "Group")

 

Significant Contract Win

 

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 its Distribution & Professional
Consulting Services division has won a three year contract (with an option to
extend for a further four years) with the Israeli Ministry of Defence ("MOD"),
which is expected to be worth US$1.4 million per annum or US$10 million over
seven years.

This contract was won by P.S.K. WIND Technologies Ltd ("PSK"). The MOD is a
returning customer for PSK, a company that the Group acquired 51% of in
January 2022. PSK specialises in the development, manufacture and integration
of communication systems and advanced monitoring and control systems for the
Government and defence industry market. PSK has worked for the MOD for over
seven years, providing service and maintenance support, with this contract
being a continuation of the same services.

MTI's CEO, Moni Borovitz, commented: "This is a significant contract win and
on a seven year basis it is the most valuable contract that the Group has ever
won. The MOD is a tier one defence customer and we are delighted that they
wish to retain PSK's services for at least three years and we would anticipate
completing a full seven year term, given that PSK and the MOD have a history
of working closely together in the relevant areas.  This contract win follows
the PSK orders reported in June 2022 and previously.  PSK's status as a
qualified MOD provider for strategic projects and its relationships with
Government and defence industry customers, as demonstrated by this contract,
were key to our rationale for acquiring 51% of PSK earlier in the year. PSK is
already proving to be a strong acquisition and this contract win, while
anticipated, provides us with excellent visibility and confidence over future
revenues."

 

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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