Update on TNEB Tender
May 31 2012 - 2:01AM
RNS Non-Regulatory
TIDMCYAN
Cyan Holdings Plc
31 May 2012
Cyan Holdings Plc
("Cyan" or "the Company")
Update on TNEB Tender
TNEB formally authorises Cyan customer to start pilot
installation
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) tender.
Following the submission of proposals for the tender by 16
companies, one of Cyan's metering partners in India has now
received a formal letter from TNEB inviting them to install a 500
unit pilot in Tamil Nadu state. Cyan believes this is the first
company to receive such a letter. The letter requests that the
pilot begin as soon as possible. The Cyan partner in question is
the principal supplier of electricity meters to TNEB and is ready
to start the pilot immediately. As part of the Technical
Specification of the tender, the bidders have to demonstrate the
suitability of the tendered meters with respect to the performance,
communication and networking capabilities to the assessment
committee. Cyan believes that its 865 Mhz (AMI) with data
concentrators is the only one that meets this Technical
Specification.
TNEB plan to replace 18M meters and this is the first tender as
part of the program. Given the significant financial cost and
expected impact in terms of reduction of AT&C* losses in
replacing 18M meters, TNEB are taking the selection process very
seriously. We have been told that the decision process has to be
completely transparent for all participants and this has resulted
in an understandable extension to the timeline.
Further information regarding the status of the other meter
manufacturers who have bid on the TNEB tender, as well as the
duration of the pilots and expected date of orders, will be
provided as it becomes available.
John Cronin, Executive Chairman at Cyan added, "We are delighted
that the first of our partners has been formally requested to enter
the pilot stage of the tender and all indications are that Cyan's
partners are in a very strong position. While the process is taking
longer than originally stated by TNEB, this is evidence that
progress is being made. The Board remains confident that the
outcome of this tender process will be transformational for Cyan in
terms of financial situation and market perception."
*Aggregate Technical & Commercial
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954 234 400
John Cronin, 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 9850
Financial PR
Caroline Evans- Jones / Guy McDougall
About Cyan
Cyan is an integrated system design and software company
delivering mesh based flexible wireless solutions for utility
metering and lighting control. The Company has been listed on
London's Alternative Investment Market (AIM) since 2005. Cyan's
Headquarters are in Swavesey, Cambridge, UK. For more information,
please visit www.cyantechnology.com.
CyLec
Cyan's CyLec technology provides a complete control and
communication network including user interface. CyLec offers
point-to-point and mesh network solutions for metering
applications. CyLec is a trademark of Cyan Technology Ltd.
CyLux
Cyan's CyLux technology provides a complete control and
communications network including user interface. CyLux is a control
system allowing lighting manufacturers to build and sell RF
controlled street and tunnel lighting. CyLux is a trademark of Cyan
Technology Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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