Mti Wireless Share News (MWE)

(Sharecast News) - Communication and radio frequency technology company MTI Wireless Edge announced on Monday that the St Petersburg office of its MTI Summit division has secured a "significant order" for delivery in 2020 from a Russian customer.

The AIM-traded firm said the contract was worth around $1.5m, and was for the supply of radio frequency components.

It explained that, operating under its distribution and professional consulting services division, MTI Summit represented 40 international suppliers of radio frequency and microwave components, and sells those products to customers.

Expert knowledge of both the international suppliers and customers further enabled MTI to act as a consultant to all parties, the board said, and assist with devising radio frequency and microwave solutions, as was the case with the new contract win.

"Since the acquisition of Summit by MTI in 2013, this division has traded under the MTI Summit brand and has been growing very satisfactorily," said chief executive officer Moni Borovitz.

"Customers are increasingly recognizing our ability to source radio frequency and microwave components and to be an active partner in helping to solve design challenges by offering suitable components for a particular solution."

Borovitz said the win was "particularly good news" for the St Petersburg office, as it was its largest order to date.

"In addition, there is an order book of further Russian orders which bodes well for this office and for the division as a whole in 2020."

At 1044 GMT, shares in MTI Wireless Edge were up 9.09% at 42p.