Holding in Parent Company

3 Sep 2007 07:02

MTI Wireless Edge Limited03 September 2007 3 September 2007 MTI Wireless Edge Limited (the 'Company') Holding in Parent Company The Company hereby announces that it has been informed by MTI Computers andSoftware Services (1982) Ltd. ("MTI Computers"), the principal shareholder ofthe Company, that Mokirei Aya Ltd., the controlling shareholder of MTIComputers, has signed a share purchase agreement to sell all of its holdings inMTI Computers, constituting approximately 38.87% of the currently outstandingshares of MTI Computers, to Inspire Investment Ltd. ("Inspire"), an Israelipublic company, traded on the Tel Aviv Stock Exchange, in consideration forUS$16,326,547. The transaction is subject, inter alia, to the approval of the Israeli Anti-trust authorities and the completion of a due diligence examination to Inspire'ssatisfaction. Mr. Avi Wertheim (Inspire's CEO, and its controlling share holder) commented: "We are delighted to have agreed this strategic investment in MTI Computers. MTI Wireless Edge is a major player in Fixed Broadband Wireless Antennas with astrong management and a proven technology, and Wireless is the future. Webelieve that the Company has yet to show its full potential, and has the scopeto further develop, both through its existing line of products and by expandingupon them. These developments, we believe, could be achieved partly by internal activitiesand partly by using its financial strength to seek opportunities to strengthen,even further, its position in the market." Following completion of the transaction, Mr. Moshe Borovitz will continue to actas finance director of the Company and the co-CEO of MTI Computers. About Inspire Inspire Investments Ltd. is a publicly traded holding company (traded on theTel- Aviv Stock Exchange). Inspire's holdings include mostly industrialcompanies with worldwide markets and proven track record. Inspire's holdingsinclude subsidiaries (manufacturing and marketing) in various geographiesincluding the US, China, and Israel. Inspire's philosophy includes acquiringcompanies which it believes it could further expand and develop either throughinternal growth or acquisitions. For further information contact: MTI Wireless Edge +972 3 900 8900Dov Feiner, CEOMoni Borovitz, Finance Director Blue Oar Securities Plc +44 20 7448 4400David SealLuke Ahern Threadneedle Communications +44 207 936 9605Graham HerringJosh Royston This information is provided by RNS The company news service from the London Stock Exchange