Letter of Intent Signed
October 23 2006 - 3:02AM
UK Regulatory
RNS Number:8411K
Cyan Holdings Plc
23 October 2006
Press Release 23 October 2006
Cyan Holdings Plc
("Cyan" or "the Group")
Cyan Executes Multi-Project Letter of Intent
Cyan Holdings Plc (AIM: CYAN.L), the fabless semiconductor company specialising
in the development of low power consumption, configurable microcontroller chips
and world leading software development tools is pleased to announce that it has
executed a Letter of Intent ("LOI") with Chengdu GoldTel Industry Group Limited
("GoldTel").
The LOI sets out the mutual obligations of the parties to collaborate on six
major projects and specifically states the target, initial human resource
allocation, outline timescale and targets for each project. Precise terms of
the LOI are to be held confidential by both parties. The six project areas are:
* A number of navigation and high volume telecom products
* Retail systems
* Provision of manufacturing resources
* Mutual silicon product representation
* Incorporation of certain GoldTel silicon products into the CyanIDE toolset
* Development of education programmes based on Cyan chips and tools
GoldTel is based in Chengdu and employs more than 1,000 staff. Established in
1995, GoldTel has achieved excellent growth culminating in sales revenues in
excess of $172 million during year ending 2005. GoldTel's product offerings
include telecoms, asset tracking, power industry, silicon products, retail
systems etc. with a sales reach extending throughout Asia with 90% in China.
The Chengdu College of UESTC is located on GoldTel's Park in Chengdu and
currently has 16,000 students of which 60% are studying software, electronics
and engineering. Cyan will make available a Chinese version of the CyanIDE
toolset to the College. CyanIDE V1.3, which is the current version released,
already has Chinese language as an option.
Paul Johnson, CEO of Cyan, commented: "The execution of the LOI follows several
months of discussions and presentations during which time Cyan and GoldTel
shared their plans for new and enhanced product developments. It became clear
that both parties had much to gain by establishing a close working relationship
that will enable efficient and cost effective sales and development programmes
resulting in faster time to market and increased sales for a broad range of
products. This is a significant step for Cyan because for the first time it
positions the Company as a solutions provider. We are delighted to have
formalised our relationship with such a highly reputable, dynamic and versatile
company as GoldTel, who will be a very effective and additional gateway into the
massive and exciting Chinese and Asian markets."
Mr Wang of GoldTel, said: "GoldTel is committed to providing our customers with
high performance, cost effective solutions across our entire range of product
offerings and to achieve and maintain this goal we continually search for
partners who are able to add real value to our business. Cyan is such a partner
and we are delighted and excited to have entered into a collaboration that will,
we believe, lead to a long and successful commercial relationship for both
parties."
- ends -
For further information:
Cyan Holdings plc
Paul Johnson, Chief Executive Officer Tel: +44 (0) 1954 234 400
www.cyantechnology.com
Collins Stewart Limited
Simon Atkinson, Corporate Finance Tel: +44 (0) 20 7523 8312
www.collins-stewart.com
Media enquiries:
Abchurch Communications
Heather Salmond / Franziska Bohnke Tel: +44 (0) 20 7398 7700
franziska.boehnke@abchurch-group.com www.abchurch-group.com
Notes to Editors
Cyan Holdings plc is a fabless semiconductor company which specialises in the
design, sale and support of a range of 16-bit and 32-bit general-purpose low
power, high performance microcontroller chips ("MCUs"). These chips are
integral components used in nearly all electronic products, ranging from mobile
phones and washing machines to toys, televisions and motorcars. Consumer
entertainment markets require more powerful processors and are usually based on
32-bit chips which Cyan is developing to serve this market segment. Cyan
operates in a $14 billion worldwide market for microcontrollers, which is poised
to grow to $20 billion by 2010. Cyan has identified Europe and South East Asia
as the largest markets for its products, and as such aims to have 1% of the
microcontroller market within 5 years.
Originally Cyan was a spin out from Cambridge Consultants Limited to use its
16-bit core, the same core used in CSR's Bluetooth chips. Since Cyan was
founded in 2002, it achieved over 100 design wins during 2006 for its initial
eCOG1k product and is expanding the range of the patent-protected eCOG1 family
and introducing a new range of 32 bit microcontrollers. Volume shipments on the
eCOG1k processor started in 2006 and the eCOG1X family of 30 products will be
available to ship in volume in Q2 2007. Cyan has already established, through a
customer in China, a significant share of the huge China Tax Control POS
Terminal market. Also Cyan has a high volume opportunity with a tier 1 global
brand name for its new eCOG1X chip.
Cyan has introduced design integration support software, CyanIDE, to support the
Company's entire range of current and future microcontrollers. The software
makes chip integration into customers' products vastly more simple, quick,
reliable and hence less expensive while dramatically reducing time to market for
our customers. Cyan created CyanIDE to avoid relying on costly standard tools
from third party suppliers. CyanIDE is available free of charge to our
customers.
The company is headquartered in Cambridge, UK and opened a sales and technical
support office in Hong Kong in May 2005 which services the Chinese market. Cyan
employs 42 people.
CyanIDE and eCOG are registered trade marks of Cyan Holdings plc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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