5th Mar 2020 14:08
(Alliance News) - MTI Wireless Edge Ltd said Thursday it has won a renewal service agreement worth USD900,000 with one of the unnamed municipalities in Israel.
Shares in the flat panel antenna manufacturer were up 6.5% at 36.20 pence on Thursday in London.
The agreement is with MTI Wireless's wireless irrigation control services subsidiary Mottech Water Solutions Ltd, and will be renewed for two more years, with options for a further three-year extension.
"We are delighted with this renewal agreement, which demonstrates the satisfaction of the customer who has been a client for over two decades now. The initial term of this agreement is for two years, but the municipality has the option to extend it three times, in each case for an additional year, and our experience shows that this is normally the case," said Mottech General Manager Dudi Shani.
"As such, we consider it likely that this will be a five year renewal agreement with a total value of USD2.3 million, with the potential for increases as the agreement includes price adjustments in relation to the number of units to be serviced, which have tended to increase over time," Shani added.
By Dayo Laniyan; [email protected]
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