MTI Wireless Edge Limited Sale of Russian Business Unit (5164F)

TIDMMWE

RNS Number : 5164F

MTI Wireless Edge Limited

22 March 2022

22 March 2022

MTI Wireless Edge Ltd

("MTI" or the "Group")

Sale of Russian Business Unit

MTI Wireless Edge Ltd (AIM:MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announces that it has disposed of its Russian operations.

Following the MTI board's decision to exit the Company's business unit in Russia, as stated earlier this month in the annual report for the year ended 31 December 2021, the Company has sold its holding in its operation in Russia for a de minimus amount. The purchaser is the general manager of the Russian operations.

The MTI board does not expect this sale to have any significant profit/loss impact on MTI.

For further information please contact:

 
 MTI Wireless Edge Ltd                                              [phone] 
  Moni Borovitz, CEO                                 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/James O'Neill (Corporate 
   Advisory) 
   Fiona Conroy (Corporate Broking)                                [phone] 
 Novella (Financial PR) 
  Tim Robertson/Fergus Young                                       [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 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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March 22, 2022 03:00 ET (07:00 GMT)