Significant Contract Win

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 Moni Borovitz, CEO	[phone] http://www.mtiwirelessedge.com
Allenby Capital Limited (Nomad and Joint Broker) Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance) Amrit Nahal/David Johnson (Sales and Corporate Broking)	[phone]
Shore Capital (Joint Broker) Toby Gibbs/John More (Corporate Advisory) Fiona Conroy (Corporate Broking)	[phone]
Novella (Financial PR) Tim Robertson/Safia Colebrook	[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 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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