MTI Wireless Edge Limited Continued expansion into the Chinese market (5466N)
May 21 2020 - 2:00AM
UK Regulatory
TIDMMWE
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 +972 3 900 8900
Moni Borovitz, CEO
http://www.mtiwirelessedge.com
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328
5656
Nick Naylor
Alex Brearley
Peterhouse Capital Limited (Joint Broker) +44 20 7469 0930
Lucy Williams
Eran Zucker
Novella (Financial PR) +44 20 3151 7008
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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END
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