CyanConnode Holdings PLC Consolidation of European Operations
September 17 2018 - 2:01AM
RNS Non-Regulatory
TIDMCYAN
CyanConnode Holdings PLC
17 September 2018
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Consolidation of European Operations
CyanConnode, a world leader in narrowband radio frequency mesh
networks, is pleased to announce the consolidation of its European
operations.
Connode Holding AB, based in Sundbyberg Sweden, was acquired by
CyanConnode in July 2016 and its operations, including software
development and technical support, have been transferred to the
Company's Cambridge Headquarters. The lease over office
accommodation in Sundbyberg Sweden will terminate effective 31
December 2018.
CyanConnode will continue to support Nordic customers and
develop Nordic opportunities using Swedish staff working as
contractors to the Company, and from CyanConnode's Cambridge
Headquarters.
Connode Holding AB has been dedicated to the development of
CyanConnode's Omnimesh platform, which was launched in June 2018.
In the Interim results, announced on 11 September 2018, CyanConnode
provided an outlook that included the cost benefits relating to the
closure of its Swedish Office. CyanConnode is forecasting a monthly
cash cost base from 1 January 2019 onwards in the region of
GBP560k. There is no change to the Company's previously notified
full year expectations for the financial year to 31 December 2018,
nor the outlook.
Harry Berry, CyanConnode COO, commented: "I would like to thank
the staff of Connode Holding AB for the smooth transfer of
operations, including software development and technical support,
to our Cambridge Headquarters. Nordic customers can rest assured
that CyanConnode will continue to fully support their
requirements."
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225
060
John Cronin, Executive Chairman www.cyanconnode.com
finnCap Ltd (Nomad and Broker) Tel: +44 (0) 20 7220
0500
Ed Frisby / Giles Rolls (Corporate
Finance)
Alice Lane (ECM)
Walbrook PR (Financial PR) Tel: +44(0) 20 7933 8780
Paul Cornelius / Nick Rome cyanconnode@walbrookpr.com
About CyanConnode
CyanConnode is a world leader in narrowband radio frequency (RF)
mesh networks that facilitate machine to machine (M2M)
communication. CyanConnode's innovative technology uses the
industrial, scientific, and medical radio band, (ISM), which is
optimised to give exceptional performance and competitive total
cost of ownership. Through global partnerships, CyanConnode
provides customers with a solution for the rapid deployment of
local or countrywide ISM RF mesh networks that provide reliable and
secure M2M communication.
For more information, please visit www.cyanconnode.com
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END
NRABUGDCCDBBGIS
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September 17, 2018 02:01 ET (06:01 GMT)
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