Continued expansion into the Chinese market

RNS Number : 5466N

MTI Wireless Edge Limited

21 May 2020

 

21 May 2020

MTI Wireless Edge Ltd ("MTI" or the "Company")

Continued   expansion into the Chinese market

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 subsidiary, Mottech Water Solutions Ltd ("Mottech"), a provider of wireless irrigation control solutions, has signed an agreement to acquire its joint venture partner's 40% holding in a joint venture it established in China in 2017 ("Mottech China"). Following this acquisition, Mottech China is now a fully owned subsidiary of the Company. As announced in 2017, Mottech and its representative in China established this joint venture in order to pursue the Chinese market and now Mottech is strengthening its presence in this market.   

As the Company has previously consolidated 100% of the results of Mottech China the acquisition is not expected to have a material impact on MTI's results in the current financial year.

Moni Borovitz, CEO of MTI commented: "We continue to increase our focus and presence in the Chinese market. The team based in China has been very successful over the last three years and they will all remain in place following this acquisition. It is encouraging to note, that like most Chinese companies, they have returned to work and that the Covid-19 pandemic appears to be contained and no longer adversely affecting Mottech China's local business operations.

China has become Mottech's fastest growing market and the team are focused on supplying solutions to Chinese municipalities and large scale agricultural organisations as they seek to better manage their water resources and adapt to climate change. We expect this market growth to continue and expect that China will be one of our largest markets in the future."

For further information please contact:

MTI Wireless Edge Ltd      [phone]

Moni Borovitz, CEO                                                                                                       http://www.mtiwirelessedge.com

Allenby Capital Limited (Nomad and Joint Broker)                                                 [phone]

Nick Naylor

Alex Brearley

Peterhouse Capital Limited (Joint Broker)                                                               [phone]

Lucy Williams

Eran Zucker

Novella (Financial PR)                                                                                     [phone]

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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