MTI Wireless Edge Limited CONTRACT WIN (2464W)

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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                       [phone] 
  Moni Borovitz, Financial Director 
 Nomad and Joint Broker 
  Allenby Capital Limited 
  Nick Naylor 
  Alex Brearley                        [phone] 
 Joint Broker 
  Peterhouse Corporate Finance 
  Limited 
  Lucy Williams 
  Eran Zucker                          [phone] 
 

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

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November 13, 2017 02:00 ET (07:00 GMT)