CYAN Cyanconnode Holdings Plc

 

TIDMCYAN 
 
RNS Number : 8488S 
Cyan Holdings Plc 
27 May 2009 
 

Further Funds to Support Significant Progress in Utility Metering 
 
 
Cyan Holdings Plc (AIM: CYAN.L), a fabless semiconductor company providing 
configurable application software and production ready modules based on feature 
rich, low power, microcontroller (MCU) chips, is delighted to announce 
significant progress in sales and marketing of its wireless utility metering 
products. In order to fund the growth of the business and its resulting 
additional working capital requirements, the Company announces the conditional 
placing (the "Placing") of up to 80,000,000 new ordinary shares of 0.2p each 
(the "New Shares"). The Placing of the New Shares at 1.5p per share will raise 
up to GBP1.2 million before expenses. 
 
 
Cyan announces that it has received an order and will ship 1,000 gas meter 
modules for two field trials, the first of which will be installed in China 
during June. Cyan's customer is a well established meter manufacturer with end 
customers which have requested and funded the field trials of Cyan's mesh 
networking wireless meter reading solution. Cyan's design, using a single MCU, 
performs all the electronic functions of the gas meter, including display, as 
well as wireless communication that enables all meters in a residential building 
to be read remotely.  The Directors believe that this end customer intends that 
all new meter installations will be enabled for remote wireless reading and, on 
the basis of shipment and installation rates for new meters achieved in prior 
years, the Directors believe that this single customer represents 
material annual revenue opportunities for the Company. In addition, the current 
order includes sufficient units for installation of a second trial for a 
different end user and the Directors are aware of other end users who are 
expected to either commission their own field trials or base their purchasing 
decisions on the results of these two trials. Given the potential of cumulative 
sales to multiple customers, the Directors remain optimistic of the prospects of 
the Company. 
 
 
Cyan is also pleased to announce that it is in advanced stages of negotiation to 
form a partnership with a substantially larger global business to become a 
metering technology supplier to that business. The Directors believe that this 
partner has the size and resources to engage with the largest utility companies 
in all geographies including North America and the Company is pleased to report 
that this partner has already introduced new prospects to Cyan. In addition, 
this partner has the resources to support Cyan's rapidly growing list of 
prospective customers,  not only China, but also extending to India as well as 
the growing Automated Metering activity in Europe. 
 
 
 
 
To ensure that Cyan has the resources to support customer orders and the 
prospective partnership, the Company is pleased to announce the Placing. As part 
of the Placing, the Company's Chairman, John Read and CEO, Kenn Lamb, have 
subscribed for 1,000,000 New Shares and 1,500,000 New Shares respectively. 
Application for the New Shares, which will rank pari passu with existing 
Ordinary Shares, has been made and admission of the New Shares to trading on AIM 
is expected to take place on 1 June 2009 ("Admission"). Following Admission, the 
Company will have 559,129,314 Ordinary Shares in issue. John Read will be 
interested in 5,113,636 shares and Kenn Lamb will hold 37,000,000 shares 
representing 0.91 per cent and 6.62 per cent respectively of the Company's 
enlarged share capital. 
 
 
Kenn Lamb, CEO of Cyan said, "Since our announcement of significant new orders 
at the end of March, activity levels have continued to grow. Initial order 
volumes will be dominated by gas meter products, but we are now seeing our first 
prospective electricity and water meter customers, as well as continued growth 
in activity with prospective lighting control customers. I would like to thank 
shareholders for their continued enthusiasm and support for the Company." 
 
 
 
 
Cyan Holdings plc 
Kenn Lamb, CEO Tel: +44 (0) 1954 234 400 
www.cyantechnology.com 
 
 
Cenkos Securities plc 
Stephen Keys/Adrian Hargrave Tel: +44 (0)20 7397 8900 
www.cenkos.com 
 
 
Media enquiries: 
Hansard Group 
John Bick/Adam Reynolds Tel: +44 (0)20 7245 1100 
 
 
 
 
Notes to Editors 
Based in Cambridge in the UK, Cyan Holdings plc is a fabless semiconductor 
company specializing in the development of applications solutions collectively 
known as "Cy Solved(TM)" which are built upon the company's low powered, 
configurable eCOG1k and eCOG1x microcontroller chips. 
 
Cy-Solved incorporates ready to go solutions, software stacks, applications 
examples, modular software based on easy to use APIs, evaluation boards and 
production hardware modules from partners, all pulled together through Cyan's 
free integrated development environment CyanIDE(TM). Cy-Solved can be 
incorporated as-is into an application but also supports an ability to be easily 
customised - either way giving users a head start on the road to market. 
Currently available Cy-Solved applications include RF-Solved, USB-Solved, 
Ethernet-Solved and Motor Control-Solved. 
 
The Company was founded in 2002 and listed on AIM in 2005. Cyan Holdings plc 
operates through the brand 'Cyan'. 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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