Vela Technologies PLC GBP200,000 investment in MTI Wireless Edge Ltd (5366T)

TIDMVELA

RNS Number : 5366T

Vela Technologies PLC

25 March 2021

25 March 2021

Vela Technologies plc

("Vela" )

GBP200,000 investment in MTI Wireless Edge Ltd

The Board of Vela (AIM: VELA) announces that it has purchased 250,000 ordinary shares in MTI Wireless Edge Ltd ("MTI") at a price of 80 pence per share. Vela's share purchase was part of a placing out of 3,650,000 existing ordinary shares in MTI on behalf of certain key shareholders in MTI and following investor demand from a range of institutional and other investors. Further details can be found in the announcement released by MTI earlier today.

Further information on MTI Wireless

Headquartered in Israel, MTI is an AIM quoted technology group (AIM:MWE) 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.

- 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.

- 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 MTI.

Details of the share purchase

Vela has purchased 250,000 ordinary shares in MTI Wireless Edge Ltd at a price of 80 pence per share. The consideration for the purchase of GBP200,000 has been funded from Vela's existing cash resources. Following this purchase Vela will hold approximately 0.28 per cent. of the issued share capital of MTI.

For further information, please contact:

 
 Vela Technologies plc                         Tel: [phone] 
  Brent Fitzpatrick, Non-Executive Chairman     728875 
  James Normand, Executive Director 
 Allenby Capital Limited (Nominated Adviser    Tel: +44 (0) 20 
  and Joint Broker)                             3328 5656 
  Nick Athanas / Asha Chotai 
 Peterhouse Capital Limited (Joint Broker)     Tel: +44 (0) 20 
  Lucy Williams / Duncan Vasey / Eran Zucker    7469 0930 
 

About Vela Technologies

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in listed companies where valuations may offer additional opportunities.

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March 25, 2021 10:15 ET (14:15 GMT)