Last checked at 1 Nov 2018 07:00
1 November 2018
MTI Wireless Edge Ltd ("MTI" or the "Company")
Board change
MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announces that Zvi Kanor, a Non-executive Director of the Company, has decided to step down from the board effective yesterday, in order to pursue other business opportunities.
Under Israeli company law the Company is required to appoint a replacement Non-executive Director, who is independent of the Company's major shareholders, before its next annual general meeting and further announcements will be made in due course.
Zvi Borovitz, Non-Executive Chairman of MTI, commented: "I would like to thank Zvi for his contribution to the Company over the years and to wish him well in his future endeavors. We have commenced discussions with a replacement Non-executive Director who has expertise in our industry and who, we believe, will add significant value to our enlarged post-merger company. We will update shareholders in the near future".
The Company expects to announce its financial results for the nine month period ended 30 September 2018 on 19 November 2018, which will be followed by a road show in London, where the management team will meet with investors.
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900
Dov Feiner, CEO http://www.mtiwe.com/
Moni Borovitz, Financial Director
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328 5656
Nick Naylor
Alex Brearley
Peterhouse Capital Limited (Joint Broker) +44 20 7469 0930
Lucy Williams
Eran Zucker
About MTI Wireless Edge
Headquartered in Israel, MTI is a multi-faceted Group offering comprehensive technology solutions through four core divisions:
Antennas Division
MTI Wireless Edge 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.
Internationally recognized as a producer of commercial off-the-Shelf and custom-developed antenna solutions in a broad frequency range, MTI Wireless Edge addresses both commercial and military applications.
MTI supplies directional and omnidirectional antennas for outdoor and indoor deployments, including smart antennas for WiMAX, Broadband access, public safety, RFID, base stations 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.
Aerostat Operation Division
Via its system engineering division, the Group offers design and integration of aerostat operation systems along with the ongoing operation of Platform subsystems, SIGINT, RADAR, communication and observation systems.
Water Control & Management Division
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), the Group 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 solutions ensure constant, reliable and accurate water usage, while reducing operational and maintenance costs. Mottech activities are focused in the market segments of agriculture, water distribution, municipal and commercial landscape as well as wastewater and storm-water reuse.
RF and Microwave Representative and Consultation Division
Via its subsidiary, MTI Summit Electronics Ltd. the group offers representative and expert consultation services specializing in RF and Microwave solutions and applications. It provides its services to international electronics suppliers operating in Israel, Eastern Europe, and Russia.