New Naval Antenna Contract Win

RNS Number : 3652I

MTI Wireless Edge Limited

12 August 2021

 

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.

12 August 2021

MTI Wireless Edge Ltd  

("MTI" or the "Group")

New Naval Antenna 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 it has secured an agreement for the development and production of Naval antennas with Ultra Electronics TCS Inc.

The first phase of the agreement includes the development of two types of antennas and the supply of several units of each, together, worth approximately US$570,000. These antennas will be supplied within the next 20 months. However, the customer plans to order more antennas if the first order meets all requirements. Consequently, the agreement includes pricing for all future purchases, and if, as expected by MTI, Ultra TCS takes up the option to order further units, the agreement would triple in value.

MTI's CEO, Moni Borovitz, commented : "This is an important agreement for MTI, as it represents our first order from a very well-known and respected system house in Canada specializing in the design, development and manufacturing of advanced tactical radio communications systems for defence, security and public safety applications. We hope this agreement will be the start of a long-term relationship and we look forward to working closely with them over the next 20 months so as to be able to demonstrate the range of our capabilities.

Overall the business is trading well, and we look forward to announcing our half year results next week."

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 (Corporate Finance)
Amrit Nahal/David Johnson (Sales and Corporate Broking)
Peterhouse Capital Limited (Joint Broker)	[phone]
Lucy Williams/ Eran Zucker
Novella (Financial PR)
Tim Robertson/Fergus Young	[phone]

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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