Last checked at 
MTI Wireless Edge Ltd - Israel-based communication and radio frequency solutions firm - Says wireless irrigation control solutions subsidiary Mottech Water Solutions has signed renewal of existing service agreement valued at USD650,000 with "one of the five largest municipalities in Israel and one of Mottech's largest service customers." Says services will be provided over the next two years, with the option to increase the agreement term for up to an additional two years.
"We are delighted with this renewal agreement, which demonstrates the satisfaction of the customer, who has been a client for over two decades now. Our experience shows that this customer usually provides us with more work during the service contract and in the past several years, additional work totalled approximately USD300,000 per annum. As such, we consider it likely that this will be a four year renewal agreement with a total value of USD2.5 million, with the potential for increases as the agreement includes price adjustments," says Mottech General Manager Dudi Shani.
Current stock price: 83.88 pence, up 3.6% on Wednesday
Year-to-date change: up 16%
By Zoe Wickens; zoewickens@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
