Q1 2021 Financial Results

RNS Number : 0529Z

MTI Wireless Edge Limited

19 May 2021

 

19 May 2021

MTI Wireless Edge Ltd

("MTI", the "Company" or the "Group")

Q1 2021 Financial Results

MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased to announce its financial results for the three-month period ended 31 March 2021.

Financial highlights

· Solid revenue growth, up by 4% to $9.95m (2020: $9.55m)

· Increase in profit from operations, up 14% to $0.96m (2020: $0.84m), reflecting the benefit of increasing scale on profit margins

· Significant increase in profit before tax, up 25% to $0.9m (2020: $0.72m)

· Earnings per share increased by 20% to 0.80 US cents ( 2020 : 0.67 US cents)

· Strong cash generation with net cash up 10% to $9.5m on 31 March 2021 (31 March 2020: $8.6m), despite having paid a 2020 dividend of $2.2m in March 2021 (compared to payment of the 2019 dividend in April 2020).

Operational highlights by division

Antennas

· A one stop shop for the sale of 'off the shelf' flat and parabolic antennas, combined with the provision of custom-developed antenna solutions to a range of commercial and military customers, with a growing focus on providing 5G backhaul antenna solutions to support mobile phone operators as they roll-out their 5G networks.

· In Q1 2021, the leading mobile phone companies are now incorporating 5G connectivity in mobile devices as standard. As a result, network operators are responding by rolling out higher bandwidth 5G services increasing demand for MTI's backhaul antenna solutions, although the legacy antenna market (FBWA) was slower as implementation of projects delayed due to COVID-19.

Water Control & Management

· Operates under the Mottech brand and provides wireless control systems to manage irrigation and water distribution for agriculture, municipal authorities and commercial entities.

· Solutions reduce water and power usage, whilst providing customers with higher revenue from accurate irrigation, leading to more and higher quality crops and plants being grown.

· In Q1 2021, Mottech continued to perform well, opening a new office in Alberta Canada, securing new contract wins and retaining its long-term client base including one of Mottech's largest clients, a leading Israeli municipality which extended its contract worth up to $2.5 million for another 2-4 years.

Distribution & Professional Consulting Services

· Operates under the MTI Summit Electronics brand and represents approximately 40 international suppliers of radio frequency/microwave components and sells these products to Israeli customers.

· Expert knowledge of both the international suppliers and customers further enables MTI to act as a consultant to all parties and assist with devising complete radio frequency/microwave solutions.

· In Q1 2021, MTI Summit had another strong period, benefitting from consistent demand across its core customer base in the defence and technology sector based in Israel and the ongoing success of its Russian office.

· MTI Summit's tethered balloon project continued to generate good revenues and demand for future design solutions remains high, which bodes well for the outlook for this division.

Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:

"We have enjoyed a good start to the year. The majority of our markets are functioning well, with our home market, Israel, largely back to normal as far as COVID-19 is concerned.  Trading is still likely to be disrupted in some areas but overall, given the experience gained last year when operating under the Covid-19 restrictions, we are confident in the ability of our teams to trade effectively.

"The Group's financial performance over Q1 was encouraging. Of particular note, is the continued growth in revenue, combined with the sharper growth in profitability as we benefit from our economies of scale, which translated into a 25% improvement in profit before tax. Cash generation was also positive, showing an increase in our net cash position of 10% to $9.5m as at 31 March 2021 ($8.6m 31 March 2020), despite having paid the 2020 dividend ($2.2m) in March 2021 ( compared to the payment of the 2019 dividend of $1.8m in April 2020) . The Company is therefore, we believe, in good financial health.

"Each division is showing clear progress against their respective growth strategies. In 2020 the Covid-19 pandemic emphasised to the world the importance of mobile connectivity and this has accelerated the global roll-out of 5G. As a result, take-up of our 5G backhaul solution is moving ahead positively. Similarly, water scarcity remains a key issue amongst governments worldwide and Mottech's water management solutions are benefiting from the need to reduce water wastage and the cost savings associated with efficient irrigation. Our distribution and professional consulting services business, MTI Summit, has over the last three years established a track record of consistent growth, boosted by increases in defence spending and in particular increased reliance on wireless technologies across the sector.

"Looking ahead, we believe the Company's clear focus on providing radio frequency solutions coupled to being diversified across several markets positions us well to continue to grow and expand through a mix of acquisition led and organic growth."

Moni Borovitz, Chief Executive Officer, will provide a live investor presentation relating to the financial results for the three-month period ended 31 March 2021 alongside a brief case study on MTI Summit Electronics Ltd, the Group's Distribution and Professional Consulting Services Division, via the Investor Meet Company ("IMC") platform today at 10.00 am UK time.

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

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)                                             [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.

MTI WIRELESS EDGE LTD.

 (An Israeli Corporation)

INTERIM CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME

	Three month period ended  March 31,				Year ended December 31,
	2021		2020		2020
	U.S. $ in thousands
	Unaudited
Revenues	9,9 49		9,556		40,893
Cost of sales	6,783		6,441		27, 816
Gross profit	3,166		3,115		13,077
Research and development expenses	283		250		1,029
Distribution expenses	889		907		3,579
General and administrative expenses	1,039		1,108		4,379
Loss (profit) from sale of property, plant and equipment	(4)		8		14
Profit from operations	959		842		4,076
Finance expenses	75		140		275
Finance income	(15)		(15)		(255)
Profit before income tax	899		717		4,056
Tax expenses	157		124		564
Profit	742		593		3,492
Other comprehensive income (loss) net of tax:
Items that will not be reclassified to profit or loss:
Re-measurement of defined benefit plans	-		-		42
Items that may be reclassified to profit or loss:
Adjustment arising from translation of financial statements of foreign operations	(113)		(278)		253
Total other comprehensive income (loss)	(113)		(278)		295
Total comprehensive income	629		315		3,787
Profit attributable to:
Owners of the parent	705		585		3,373
Non-controlling interests	37		8		119
	742		593		3,492
Total comprehensive income (loss) attributable to:
Owners of the parent	592		307		3,668
Non-controlling interests	37		8		119
	9 62		315		3,787
Earnings per share (dollars)
Basic	0.0080		0.0067		0.0383
Diluted	0.0080		0.0066		0.0383
Weighted average number of shares outstanding
Basic	88,538,724		87,873,946		88,093,025
Diluted	88,538,724		88,035,747		88,093,025

The accompanying notes form an integral part of the financial statements.

MTI WIRELESS EDGE LTD.

 (An Israeli Corporation)

INTERIM CONSOLIDATED   STATEMENTS OF

CHANGES IN EQUITY

For the three month period ended March 31 , 2021 (Unaudited) :

	Attributed to owners of the parent
	Share capital	Additional paid-in capital	Capital reserve for share-based payment transactions	Translation differences	Retained earnings	Total attributable to owners of the  parent	Non-controlling interest	Total equity
	U.S. $ in thousands
Balance at January 1, 2021	209	23,167	-	191	999	24,566	987	25,553
Changes during the three month period   ended March 31, 2021:
Comprehensive income
Profit for the period	-	-	-	-	705	705	37	742
Other comprehensive loss
Translation differences	-	-	-	(113)	-	(113)	-	(113)
Total comprehensive income (loss) for the period	-	-	-	(113)	705	592	37	622
Dividend	-	-	-	-	(2,213)	(2,213)	-	(2,213)
Balance at March 31, 2021	209	23,167	-	78	(509)	22,945	1,024	23,969

The accompanying notes form an integral part of the financial statements.

INTERIM CONSOLIDATED   STATEMENTS OF

CHANGES IN EQUITY (CONT.)

For the three month period ended March 31 , 2020 (Unaudited) :

	Attributed to owners of the parent
	Share capital	Additional paid-in capital	Capital reserve for share-based payment transactions	Translation differences	Retained earnings	Total attributable to owners of the  parent	Non-controlling interest	Total equity
	U.S. $ in thousands
Balance at January 1, 2020	207	22,868	52	(62)	(658)	22,407	883	23,290
Changes during the three month period   ended March 31, 2020:
Comprehensive income
Profit for the period	-	-	-	-	585	585	8	593
Other comprehensive loss
Translation differences	-	-	-	(278)	-	(278)	-	(278)
Total comprehensive income (loss) for the period	-	-	-	(278)	585	307	8	315
Profit from acquisition and disposal of treasury shares (note 5B)	-	8	-	-	-	8	-	8
Exercise of options to share capital	1	24	(4)	-	-	21	-	21
Share based payment	-	-	1	-	-	1	-	1
Balance at March 31, 2020	20 8	22,900	49	( 340 )	(73)	22,744	891	23,635

The accompanying notes form an integral part of the financial statements.

INTERIM CONSOLIDATED   STATEMENTS OF CHANGES IN EQUITY (CONT.)

For the year ended December 31, 2020 :

	Attributable to owners of the parent
	Share capital	Additional paid-in capital	Capital Reserve from share-based payment transactions	Translation differences	Accumulated losses	Total attributable to owners of the  parent	Non-controlling interests	Total equity
	U.S. $ in thousands
Balance as at January 1, 2020	207	22,868	52	(62)	(658)	22,407	883	23,290
Changes during 2020:
Comprehensive income
Profit for the year	-	-	-	-	3,373	3,373	119	3,492
Other comprehensive income
Re measurements on defined benefit plans	-	-	-	-	42	42	-	42
Translation differences	-	-	-	253	-	253	-	253
Total comprehensive income (loss) for the year	-	-	-	253	3,415	3,668	119	3,787
Dividend	-	-	-	-	(1,758)	(1,758)	-	(1,758)
Exercise of options to share capital	2	306	(54)	-	-	254	-	254
Acquisition of the non-controlling interest in subsidiary (note 21 B)	-	(15)	-	-	-	(15)	(15)	(30)
Profit from acquisition and disposal of treasury shares (note 23)	-	8	-	-	-	8	-	8
Share based payment	-	-	2	-	-	2	-	2
Balance as at December 31, 2020	209	23,167	-	191	999	24,566	987	25,553

The accompanying notes form an integral part of the financial statements.

MTI WIRELESS EDGE LTD.

(An Israeli Corporation)

INTERIM CONSOLIDATED STATEMENTS OF

F INANCIAL P OSITION

	31.03.2021		31.03.2020		31.12.2020
	U.S. $ in thousands
	Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	9,585		8,985		9,577
Trade and other receivables	9,244		8,378		10,653
Unbilled revenue	2,389		3,305		2,318
Current tax receivables	489		555		557
Inventories	5,631		5,695		6,399
	27,338		26,918		29,509
NON-CURRENT ASSETS:
Long term prepaid expenses	27		46		44
Property, plant and equipment	5,312		5,165		4,818
Deferred tax assets	689		655		696
Intangible assets	1,053		1,103		1,065
	7,081		6,969		6,623
Total assets	34,419		33,887		36,132

The accompanying notes form an integral part of the financial statements.

INTERIM CONSOLIDATED STATEMENTS OF

F INANCIAL P OSITION

	31.03.2021		31.03.2020			31.12.2020
	U.S. $ In thousands
	Unaudited
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank credit and loans	36		292		105
Trade payables	4,157		4,237		5,098
Other accounts payable	4,762		4,288		4,094
Current tax payables	142		203		213
	9,097		9,020		9,510
NON- CURRENT LIABILITIES:
Contingent consideration	49		69		51
Lease liabilities	464		282		155
Loans from banks , net of current maturities	30		65		37
Employee benefits, net	810		816		826
	1,353		1,232		1,069
Total liabilities	10,450		10,252		10,579
EQUITY
Equity attributable to owners of the parent
Share capital	209		208		209
Additional paid-in capital	23,167		22,900		23,167
Capital reserve from share-based payment transactions	-		49		-
Translation differences	78		(340)		191
Retained earnings	(509)		(73)		999
	22,945		22,744		24,566
Non-controlling interest	1,024		891		987
Total equity	23,969		23,635		25,553
Total equity and liabilities	34,419		33,887		36,132

May 18, 2021
Date of approval of financial statements	Moshe Borovitz Chief Executive Officer	Elhanan Zeira Controller	Zvi Borovitz Non-executive Chairman of the Board

The accompanying notes form an integral part of the financial statements.

MTI WIRELESS EDGE LTD.

(An Israeli Corporation)

INTERIM CONSOLIDATED STATEMENTS OF

CASH FLOWS

		Three month period  ended  March 31,					Year ended December 31,
		2021		2020		2020
		U.S. $ in thousands
		Unaudited
Cash Flows from Operating Activities:
Profit for the period		742		593		3,492
Adjustments for:
Depreciation and amortization		221		256		1,009
Loss (Gain) from sale of property, plant and equipment		13		8		13
Equity settled share-based payment expense		-		1		2
Finance (income) expenses, net		(24)		(24)		69
Tax expenses		157		124		564
Changes in operating assets and  liabilities:
Decrease (increase) in inventories		729		(143)		(557)
Decrease (increase) in trade receivables		1,457		1,327		(1,053)
Decrease (increase) in other accounts receivables		(112)		15		255
Increase in unbilled revenues		(71)		(439)		548
Increase (decrease) in trade and other accounts payables		(369)		(397)		140
Increase (decrease) in employee benefits, net		(16)		(27)		25
Cash from operations		2,727		1,294		4,507
Interest received		(10)		19		28
Interest paid		5		(4)		(43)
Income tax paid		(155)		(31)		(494)
Net cash provided by operating activities		2,567		1,278		3,998

The accompanying notes form an integral part of the financial statements.

  INTERIM CONSOLIDATED STATEMENTS OF

CASH FLOWS (cont.)

					Three month period ended  March 31,				Year ended December 31,
					2021		2020		2020
					U.S. $ in thousands
					Unaudited
Cash Flows From Investing Activities:
Proceeds from sale of property, plant and equipment					23		21		28
Payment of contingent consideration regarding business acquisition					-		-		(21)
Purchase of property, plant and equipment					(151)		(129)		(454)
Net cash used in investing activities					(128)		(108)		(447)
Cash Flows From Financing Activities:
Dividend					(2,213)		-		(1,758)
Payments of lease liabilities					(103)		(102)		(493)
Treasury shares acquired					-		(155)		(155)
Treasury shares sold					-		163		163
Exercise of share options					-		21		254
Acquisition of the non-controlling interest in subsidiary					-		-		(30)
Repayment of long-term loans from banks					(82)		(86)		(308)
Net cash used in financing activities					(2,398)		(159)		(2,327)
Increase in cash and cash equivalents during the period					41		1,011		1,224
Cash and cash equivalents  at the beginning of the period					9,577		8,140		8,140
Exchange differences on balances of cash and    cash equivalents					(33)		(166)		213
Cash and cash equivalents  at the end of the period					9,585		8,985		9,577

The accompanying notes form an integral part of the financial statements.

MTI WIRELESS EDGE LTD.

(An Israeli Corporation)

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - General :

Corporate information:

M.T.I Wireless Edge Ltd. (hereafter - the "Company" , or collectively with its subsidiaries, the "Group" ) is an Israeli corporation. The Company was incorporated under the Companies Act in Israel on December 30, 1998, and commenced operations on July 1, 2000.   Since March 2006, the Company's shares have been traded on the AIM market of the London Stock Exchange.

The formal address of the Company is 11 Hamelacha Street, Afek industrial Park, Rosh-Ha'Ayin, Israel.

The Company and its subsidiaries are engaged in the following areas:

-  Development, design, manufacture and marketing of antennas for the military and civilian sectors.

-  A leading provider of remote control solutions for water and irrigation applications based on Motorola's IRRInet state of the art control, monitoring and communication technologies.

-  Providing consulting, representation and marketing services to foreign companies in the field of RF and Microwave, including engineering services in the field of aerostat systems and system engineering services.

In these financial statements, the Company included the results of its aerostat system division in its representation and consulting services division, as it deems this appropriate given the nature of the consulting services provided in both segments and the respective size of these segments.

Note 2 - Significant Accounting Policies :

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in International Accounting Standard No. 34 ("Interim Financial Reporting").

The interim consolidated financial information set out above does not constitute full year-end accounts within the meaning of Israeli Companies Law. It has been prepared on the going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS). Statutory financial information for the financial year ended December 31, 2020 was approved by the board on February 28, 2021. The report of the auditors on those financial statements was unqualified.

The interim consolidated financial statements as of March 31, 2021 have not been audited.

The interim consolidated financial information should be read in conjunction with the annual financial statements as of December 31, 2020 and for the year then ended and with the notes thereto. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2020 are applied consistently in these interim consolidated financial statements.

Note 3 - REVENUES:

		Three month period  ended    March 31,				Year ended December 31,
		2021		2020			2020
		U.S. $ in thousands
		Unaudited
Revenues arise from:
Sale of goods *		7,879		7,856			3 3 , 788
Rendering of services**		1,444		963			4, 863
Projects**		626		737			2 , 242
		9,949		9,556			40, 89 3

(*) at the point of time

(**) over time

Note 4 - operating SEGMENTS:

The following tables present revenue and profit information regarding the Group's operating segments for the three month period ended March 31, 202 1 and 20 20 respectively and for the year ended December 31, 2020 .

Three month period   ended March 31, 2021 (Unaudited)

	Antennas	Water Solutions	Distribution & Consultation	Adjustment & Elimination	Total
	U.S. $ in thousands
Revenues
External	2,80 2	4,161	2,986	-	9,949
Internal	-	-	23	(23)	-
Total	2,80 2	4,161	3,009	(23)	9,949
Segment profit	63	396	393	107	9 59
Finance expense, net					60
Tax expenses					157
Profit					7 42

	Antennas	Water Solutions	Distribution & Consultation	Adjustment & Elimination	Total
	U.S. $ in thousands
Segment assets	14,863	9,030	7,861	-	31,754
Unallocated assets					2,665
Segment liabilities	2,936	2,976	3,702		9,614
Unallocated liabilities					836

Three month period   ended March 31, 2020 (Unaudited)

	Antennas	Water Solutions	Distribution & Consultation	Adjustment & Elimination	Total
	U.S. $ in thousands
Revenues
External	2,940	3,680	2,936	-	9,556
Internal	2	-	20	(22)	-
Total	2,942	3,680	2,956	(22)	9,556
Segment profit	41	342	394	65	842
Finance expense, net					125
Tax expenses					124
Profit					593

	Antennas	Water Solutions	Distribution & Consultation	Adjustment & Elimination	Total
	U.S. $ in thousands
Segment assets	15,094	8,441	7,319	-	30,854
Unallocated assets					3,033
Segment liabilities	2,966	2,243	4,041	-	9,250
Unallocated liabilities					1,005

Year ended December 31, 2020

	Antennas	Water Solutions	Distribution & Consultation	Adjustment & Elimination	Total
	U.S. $ in thousands
Revenues
External	11,187	16,121	13,585	-	40,893
Inter-segment	-	-	144	(144)	-
Total	11,187	16,121	13,729	(144)	40,893
Segment profit	158	1,928	1,614	376	4,076
Finance expense, net					20
Tax expenses					564
Profit					3,492

 

Year ended December 31, 2020

	Antennas	Water Solutions	Distribution & Consultation	Adjustment & Elimination	Total
	U.S. $ in thousands
Segment assets	14,531	11,194	8,429	-	34,154
Unallocated assets					1,978
Segment liabilities	3,511	3,133	3,621	-	10,265
Unallocated liabilities					314

Note 5 - SIGNIFICANT EVENTS:

A.  On 28 February 2021, the Board of directors declared a cash dividend of 2.5 US cents per share, representing approximately $2,213,000, in total. This dividend was paid on 31 March 2021 to shareholders on the register at the close of trading on 19 March 2021.

B.  On 24 January 2019, the Company announced a share repurchase program to conduct market purchases of ordinary shares of par value 0.01 Israeli Shekels each ("Ordinary Shares") in the Company up to a maximum value of £150,000 (the "Programme"). On 25 January 2021, the Company announced that the board of directors of the Company and the board of directors of MTI Engineering had decided to continue with the Programme for another six months until 26 July 2021. As at 31 March 2021, no Ordinary Shares were held in treasury under the Programme.

C.  On 4 February 2021, the Company's subsidiary Mottech Water Solutions Ltd registered and opened a fully owned subsidiary in Canada and is working on establishing its activities in Canada.

D.  Outbreak of COVID-19 and Business Continuity - In December 2019, the COVID-19 pandemic broke out in China, and the virus has spread to many countries around the world. In January 2020, the World Health Organization announced the outbreak of the Coronavirus as a global health emergency, and in March 2020, the World Health Organization declared the pandemic to be a global pandemic. The spread of the virus is an unusual event on its scale and is dynamic and emergent. Policymakers around the world were forced to take unprecedented steps to curb the pandemic, including the isolation of civilians and establishing strict regulations and rules to create social distancing, to reduce the chances of infection. This included restricting inbound and outbound flights. Along with the dangerous impacts on human lives as a result of the outbreak, significant global and local business impacts have been recorded. While the Group's offices were partially and/or temporarily closed (depending on country of operations) during

2020, the Group was able to maintain good levels of operation using remote work procedures and a sufficient level of production in its production facilities while assuring the health of employees. As of the date of this report the Group has resumed operations in all of its facilities (still under health requirements and regulations), although the facility in India has recently been operating under stricter conditions as there are still significant challenges in that territory.

All aspects of the Group's supply chain are working slower, and the Company's industry has been affected on the operational level, along with the rest of the world economy as it faces the risk of a global recession where the ability to predict the timing of a recovery is uncertain.

The introduction of vaccines, and their fast adoption in Israel and consequences, does provide hope that the recovery will start worldwide in the near term, but there is still uncertainty regarding the duration for which vaccines will be efficacious.

Note 6 - SUBSEQUENT EVENTS:

On 19 April 2021 at an extra ordinary shareholders meeting, Mrs. Lihi Elimelech Bechor was re-elected at as external director for another three year term.

 

END

 

 

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