May 21 (Bloomberg) -- Alvarion Ltd. gained the most in a month in New York trading after the Israeli developer of wireless access solutions announced a “multi-million dollar” project in the Philippines.
Shares of Tel Aviv-based Alvarion rallied 8.7 percent to 50 cents a share at the close in New York, the biggest climb since April 20. The company’s Tel Aviv stock rose 6.3 percent to 1.92 shekels, or the equivalent of 50 cents.
Alvarion will provide Wi-Fi access with the Philippine Long Distance Telephone Company, according to a PRNewswire statement distributed today. The project is expected to be completed in two years and will generate at least between $2 million and $3 million in an initial phase, Lior Shemesh, chief financial officer of the company, said by phone from Tel Aviv today.
“This is important because it will help us make sure that we break even in the third and fourth quarters this year,” Shemesh said.