MTI Wireless Edge Limited CONTRACT WIN (2464W)
November 13 2017 - 2:00AM
UK Regulatory
TIDMMWE
RNS Number : 2464W
MTI Wireless Edge Limited
13 November 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
13 November 2017
MTI Wireless Edge Ltd
("MTI" or the "Company")
CONTRACT WIN
MTI Wireless Edge Ltd (AIM: MWE), a market leader in the
manufacture of flat panel antennas for fixed wireless broadband and
a wireless irrigation solutions provider, is pleased to announce
that it has secured a new contract, worth approximately US $1
million, for the development and manufacturing of military
antennas. The Company started to work with this strategic customer
only in September 2016 and has already won its fourth contract and
has now received orders exceeding US $2 million from this customer,
of which only approximately US $0.5 million has been recognized by
the Company as revenue, leaving the reminder to be recognised in
the last quarter of 2017 and during 2018 and 2019.
MTI's CEO, Dov Feiner, commented: "We are delighted with this
additional contract win, which demonstrates this customer's
satisfaction with our products, technology and service. These
orders are for the development and manufacturing of a first batch
of antennas which are being integrated into a disposable military
application. As this system is deployed over the next two to three
years, we expect to receive significantly larger orders in the
future."
For further information please contact:
MTI Wireless Edge Ltd http://www.mtiwe.com/
Dov Feiner, CEO +972 3 900 8900
Moni Borovitz, Financial Director
Nomad and Joint Broker
Allenby Capital Limited
Nick Naylor
Alex Brearley +44 20 3328 5656
Joint Broker
Peterhouse Corporate Finance
Limited
Lucy Williams
Eran Zucker +44 20 7469 0930
About MTI Wireless Edge
MTI is engaged in the development, production and marketing of
high quality, low cost, flat panel antennas for commercial and for
military applications. Commercial applications include: WiMAX;
wireless networking; RFID readers; and broadband wireless access.
With over 40 years' experience MTI supplies 100KHz to 90GHz
antennas (including directional antennas and omni directional) for
outdoor and indoor deployments, including smart antennas for WiMAX,
Wi-Fi, public safety, RFID and base stations and terminals. For the
utility market. Military applications includes a wide range of
broadband, tactical and specialized communications antennas,
antenna systems and DF arrays installed on numerous airborne,
ground and naval, including submarine, platforms worldwide.
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI
is also a leading provider of remote control solutions for water
and irrigation applications based on Motorola IRRInet state of the
art control, monitoring and communication technologies. Mottech,
headquartered in Israel, is the global prime distributor of
Motorola for the IRRInet remote control solutions serving its
customers worldwide through its subsidiaries and a global network
of local distributers and representatives. It utilizes over 25
years of experience in providing its customers with remote control
and management systems which ensure constant, reliable and accurate
water usage, while reducing operational costs and maintenance
costly expenses. Mottech activities are focused in the market
segments of agriculture, water distribution, municipal and
commercial landscape and wastewater and storm water reuse.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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