Last checked at 11 Jun 2015 07:00
11 June 2015
MTI Wireless Edge Ltd
("MTI" or the "Company")
Closing of the acquisition of Mottech Water Solutions Ltd. ("Mottech")
MTI (AIM: MWE), the developer and manufacturer of sophisticated antennas and antenna systems, is pleased to announce that all the conditions to the acquisition of Mottech have now been satisfied and that the acquisition has been completed.
The acquisition of 100% of Mottech, a provider of wireless control products and services, for a consideration of up to 18.55 million New Israeli Shekels ("NIS") (approximately US$4.75 million) was announced on 28 April 2015. 15.5 million NIS (US$4 million) of the consideration has been paid to the vendors, funded by a new NIS 8.0 million bank facility and MTI's existing cash resources. The new bank facility is repayable quarterly over a period of 4 years, with interest of 3.5% per annum.
Contacts:
MTI Wireless Edge Dov Feiner, CEO Moni Borovitz, Financial Director
| +972 3 900 8900 |
Allenby Capital Nick Naylor Alex Price
| +44 203 328 5656 |
About MTI Wireless Edge
MTI is engaged in the development, production and marketing of High Quality, Low Cost, Flat Panel Antennas for Commercial & for Military applications. Commercial applications such as: WiMAX, Wireless Networking, RFID readers &, Broadband Wireless Access. With over 40 years experience, supplying antennas 100KHz to 90GHz including directional antennas and Omni directional for outdoor and indoor deployments including Smart Antennas for WiMAX, Wi-Fi, Public Safety, RFID and for Base Stations and Terminals - Utility Market. Military applications includes a wide range of broadband, tactical and specialized communications antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide.