Cyan Holdings Plc TNEB Update (8073I)

TIDMCYAN

RNS Number : 8073I

Cyan Holdings Plc

08 July 2013

8 July 2013

Cyan Holdings plc

("Cyan" or the "Company")

TNEB Update

Cyan Holdings plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control announces that the Company has received a copy of a TNEB notification from one of its Indian meter manufacturer customers that the Tamil Nadu Electricity Board ("TNEB") tender has been "lodged", which effectively means the procurement process has been suspended.

Cyan understands that the next stage of the process is that the Chairman and Board of TNEB, in consultation with the Tamil Nadu State Government, has full authority to decide whether to continue, re-start the tender process or re-negotiate the overall procurement terms of smart metering solutions. Cyan currently has little visibility over this process, however the Company can confirm that all of its customers and TNEB have been satisfied with the performance of Cyan's system. In fact, customers remain in negotiations with Cyan to acquire its units for projects in Tamil Nadu and other projects in India. Cyan also understand that TNEB remains committed to installing smart meters in Tamil Nadu, although the timing of this is now less certain. Further updates will be provided at the appropriate time.

John Cronin, Executive Chairman of Cyan, commented: "We remain highly confident of our competitive position at TNEB and our ability to provide TNEB and its suppliers with the technology required. We understand that the "lodging" of the tender has nothing to do with Cyan's technology and therefore we remain confident that we will win a significant portion of the business to be generated from the large scale roll out of smart meters in Tamil Nadu regardless of the outcome of the current tender process."

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 
Walbrook PR                      Tel: +44 (0)20 7933 8780 
 Financial PR 
 Bob Huxford / Paul Cornelius

This information is provided by RNS

The company news service from the London Stock Exchange

END

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