#VELA TECHNOLOGIES PLC – INVESTEE CO. #MWE – CONTRACT WINS April 19, 2023 – Posted in: Vela Technologies Plc (VELA) – Tags: , , , ,

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 subsidiary Mottech Water Solutions Ltd (“Mottech”) has secured two long-term contract wins with a large Israeli municipality. The municipality is an existing customer and has agreed longer than previous contracts of five years (one of which is an annual contract but budgeted for five years and includes an option to extend to five years). The two contracts are together worth $2.2 million over the contracted periods with one covering installations and the other provision of services.

The municipality has responsibility for extensive gardens and parkland covering approximately 300 hectares. Mottech has been working with the municipality for over 20 years, providing high-end remote control and monitoring solutions for water and irrigation applications based on Motorola’s IRRInet state-of-the-art control, monitoring and communication technologies.

MTI’s CEO, Moni Borovitz, commented: “We are very happy to secure these long-term contracts with the municipality, reflecting the trust they have in Mottech and its technology to deliver consistent and significant savings both financially and in terms of water usage, through accurate irrigation using remote supervision.”

For further information please contact:

MTI Wireless Edge Ltd                                                                                                  +972 3 900 8900

Moni Borovitz, CEO                                                                         http://www.mtiwirelessedge.com

Allenby Capital Limited (Nomad and Joint Broker)                                           +44 20 3328 5656

Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)

Amrit Nahal/David Johnson (Sales and Corporate Broking)

Shore Capital (Joint Broker)                                                                                        +44 20 7408 4090

Toby Gibbs/John More

Novella (Financial PR)                                                                                                   +44 20 3151 7008

Tim Robertson/ Safia Colebrook