Memorandum of Understanding and Trading Update (1912A)
January 27 2011 - 6:09AM
UK Regulatory
TIDMCYAN
RNS Number : 1912A
Cyan Holdings Plc
27 January 2011
Cyan plc
("Cyan" or "the Company")
Signature of Memorandum of Understanding and Trading Update
Cyan (AIM:CYAN), the integrated system design company delivering
mesh based flexible wireless solutions for lighting control,
utility metering and industrial telemetry, is pleased to announce
that the Company has signed a Memorandum of Understanding to
implement a partnership with a large manufacturing company in India
that has developed a sophisticated web based city lighting control
system for a contract to replace 375,000 streetlights in one city.
The partnership agreement gives the customer access to Cyan server
control technology on condition of use of Cyan lighting control
products and the active marketing of the combined solution to other
cities. An initial order for 1,000 units has been received to set
up a demonstration facility of the combined lighting control
system.
The Company is also pleased to provide the following trading
update for the year ended 31 December 2010.In the second half of
2010 Cyan, announced orders for tens of thousands of street
lighting controllers, each for initial projects with future
requirements for hundreds of thousands of units. These orders and
customers represent a small proportion of Cyan's current active
lighting-customer engagements, which in turn represents a fraction
of the emerging global street light replacement market.
During 2010, Cyan shipped tens of thousands of units to wireless
utility metering customers around the world. Most of these units
were installed into large-scale trials. In the second half of 2010
a number of customers indicated to the Company that they were
bidding for tenders of substantial quantity, and already in 2011
Cyan is aware of two new tenders for in excess of one million
units.
Cyan has developed technology and products that deliver cost
effective ready-to-deploy solutions. These allow established
lighting and utility metering manufacturers to easily enhance their
products to support remotely managed wireless networks of
street-lights or utility-meters. There is substantial growing
global demand for such wireless management networks and in recent
years Cyan has made significant investment and has gained extensive
expertise in designing, manufacturing and deploying such
networks.
Cyan has evolved from developing and supplying just the wireless
communication components, to providing complete system solutions,
so much so that the Company is now better described as an
integrated system design company.
As such Cyan has attracted the attention of major organizations
in different countries, including government departments that are
tasked to specify the next generation of wireless utility metering
for their countries. One such organization, as part of a technology
and supplier evaluation program, has recently informed Cyan that
its current gas metering products have 'solid technology that
already meets 99% of their requirement'. The Directors of Cyan are
optimistic that they will soon be able to announce that the
conclusion to this program has been the selection of Cyan as the
partner for the next five to ten years, which could establish Cyan
as the dominant wireless gas meter AMR technology supplier in that
country.
In another region, Cyan has recently succeeded in initiating a
program of engagement directly with a number of utility companies
and influential government departments, who propose to define the
requirements for their next generation wireless electricity meters.
Cyan is supported by a number of established meter manufacturers
who have already adopted and incorporated Cyan products into their
own wireless electricity meters, and wish to see Cyan's mesh
technology incorporated into any new national standard.
At the start of 2010 Cyan was well positioned with a number of
lighting and utility meter manufacturers in multiple countries. At
the beginning of 2011 Cyan's position has been considerably
strengthened with a number of leading organisations that either
specify or influence the choice of wireless lighting and utility
metering technology. This is in part the result of becoming a fully
integrated system design business and the efforts and increased
reputation of the Company within these regions.
Outlook
The recent years of research and development have put Cyan at
the forefront of wireless mesh networking technology for
street-lighting control and utility metering, and the Directors are
delighted with the progress the Company has made and in particular
over the past six months. With our recently strengthened balance
sheet, we are very confident for the outlook of the business during
2011 and beyond and look forward to reporting further progress to
shareholders in due course.
www.cyantechnology.com
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954 234 400
Kenn Lamb CEO
Cenkos Securities plc Tel: +44 (0)20 7397 8900
Stephen Keys / Adrian Hargrave
Hansard Communications Tel: +44 (0)20 7245 1100
Adam Reynolds / Guy McDougall
This information is provided by RNS
The company news service from the London Stock Exchange
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