Update on TNEB Tender
March 07 2012 - 2:02AM
RNS Non-Regulatory
TIDMCYAN
Cyan Holdings Plc
07 March 2012
Cyan Holdings plc
("Cyan" or the "Company")
Update on TNEB Tender
-- Cyan has been informed that 16 companies have submitted
proposals, 5 based on Cyan's CyLec(R) technology
-- Cyan believes that the vast majority of the other companies
are not able to meet all the requirements of the tender
Cyan Holdings plc (AIM:CYAN.L), the integrated system design
company delivering wireless solutions for lighting control and
utility metering today gives an update regarding the Tamil Nadu
Electricity Board (TNEB) Automatic Meter Reading tender.
TNEB is one of the largest electricity distributors in India. In
November, it published a tender for the supply of 1.5 million
meters as part of its consumer network upgrade programme. This
represents the first phase in what is anticipated to be a total
upgrade programme of 18 million meters.
The submission process for the tender is now complete and Cyan
understands that a total of 16 companies have submitted units; 5 of
these companies have submitted meters containing Cyan CyLec
technology, two of whom are suppliers to TNEB.
TNEB will now carry out a full compliance check on all the
documents provided at the submission. Cyan is told this is underway
and will take 10 days to complete. The submitted meters will be
sent to the certification authority in India. The Company is
informed that this process of verification will take up to 2
months. In parallel, there will be pilots run to check the
operational functionality of all submitted equipment, for a minimum
of 2 months.
Bijan Mohandes, VP Worldwide Sales and Marketing at Cyan
commented:
"The submission phase of the tender process is now complete and
we are in a strong position with 5 of the 16 candidates submitting
meters containing CyLec technology, including two suppliers to
TNEB. We expect the outcome of the tender to be announced within
the next two months and look forward to updating shareholders as
further information becomes available."
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954 234 400
John Read, Chairman
www.cyantechnology.com
Cenkos Securities plc Tel: +44 (0)20 7397 8900
NOMAD and Joint Broker
Stephen Keys / Adrian Hargrave
XCAP Securities plc Tel: +44 (0)20 7101 7070
Joint Broker
Jon Belliss / Adrian Kirk
Newgate Threadneedle Tel: +44 (0)20 7653 9842
Financial PR
Adam Reynolds / Guy McDougall/
Caroline Evans- Jones
About Cyan
Cyan is an integrated system design company delivering mesh
based flexible wireless solutions for utility metering, lighting
control & industrial telemetry. For more information, please
visit www.cyantechnology.com.
About CyLec
CyLec is a complete control and communication network for
electricity metering. CyLec uses wireless technology to enable the
collection and delivery of data from and to a meter, such as energy
profiles, instant readings and the sending of tariff updates.
Prioritydata can also be sent back to the utilities such as
information regarding tampering enabling the utility to take action
immediately.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRAUGUBUWUPPGRQ
Cyanconnode (LSE:CYAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cyanconnode (LSE:CYAN)
Historical Stock Chart
From Jul 2023 to Jul 2024