#VELA Vela Technologies investee company – #MWE MTI Wireless – Significant Contract Win July 18, 2022 – Posted in: Blog, Vela Technologies Plc (VELA) – Tags: finance, investee, investor, stocks, technology

MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased to announce that its Distribution & Professional Consulting Services division has won a three year contract (with an option to extend for a further four years) with the Israeli Ministry of Defence (“MOD”), which is expected to be worth US$1.4 million per annum or US$10 million over seven years.

This contract was won by P.S.K. WIND Technologies Ltd (“PSK”). The MOD is a returning customer for PSK, a company that the Group acquired 51% of in January 2022. PSK specialises in the development, manufacture and integration of communication systems and advanced monitoring and control systems for the Government and defence industry market. PSK has worked for the MOD for over seven years, providing service and maintenance support, with this contract being a continuation of the same services.

MTI’s CEO, Moni Borovitz, commented: “This is a significant contract win and on a seven year basis it is the most valuable contract that the Group has ever won. The MOD is a tier one defence customer and we are delighted that they wish to retain PSK’s services for at least three years and we would anticipate completing a full seven year term, given that PSK and the MOD have a history of working closely together in the relevant areas.  This contract win follows the PSK orders reported in June 2022 and previously.  PSK’s status as a qualified MOD provider for strategic projects and its relationships with Government and defence industry customers, as demonstrated by this contract, were key to our rationale for acquiring 51% of PSK earlier in the year. PSK is already proving to be a strong acquisition and this contract win, while anticipated, provides us with excellent visibility and confidence over future revenues.”

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