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MTI Wireless Edge Limited

MTI Wireless Edge says irrigation control solution unit inks Chinese contract valued at more than US$3mln

“This is the largest individual order ever received by MTI, which will contribute to the Group's overall growth and represents significant growth for its business in China,” the group said

Contract signing
The agreement is with an existing customer who has previously purchased and installed Mottech's solutions in China, MTI added

MTI Wireless Edge Ltd (LON:MWE) announced that its wireless irrigation control solutions subsidiary, Mottech Water Solutions Ltd has signed an agreement valued at more than US$3mln for the provision of solutions in the Chinese market, the largest individual order ever received by the group.

The AIM-listed technology firm, which is focused on comprehensive communication and radio frequency solutions across multiple sectors, said Mottech has received an initial payment and first order under this agreement, which is expected to be delivered in full within five years.

READ: MTI Wireless to deploy tethered balloon system as part of US$1.4mln support services deal

The agreement is with an existing customer who has previously purchased and installed Mottech's solutions in China, the company added.

It pointed out: “This is the largest individual order ever received by MTI, which will contribute to the Group's overall growth and represents significant growth for its business in China.”

Mottech's general manager, Dudi Shani, commented: "We see this agreement as an important step in the realisation of the substantial potential in this territory.

“We believe that China has the potential to become Mottech's biggest market over the coming years."

In afternoon trading, shares in MTI Wireless were 1.9% higher at 26.50p.

Quick facts: MTI Wireless Edge Limited

Price: £0.31

Market: AIM
Market Cap: £27.12 m
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