CyanConnode Holdings PLC Trading and Business Update (7102R)

TIDMCYAN

RNS Number : 7102R

CyanConnode Holdings PLC

31 October 2019

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Trading and Business Update

CyanConnode (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, today provides the following trading and business update.

In September 2019 CyanConnode announced that the Company had expected to secure substantial Indian contracts by the end of October following delays in new tenders being awarded caused by the Indian General Election. The award of these contracts continues to take longer than anticipated, and while they are still expected to be secured in the coming weeks, the Company is now unlikely to meet market expectations for 2019.

CyanConnode has carried out a review of its order book. In 2017, orders worth $48 million received from NIK LLC were announced, for territories including Bangladesh and Ukraine, with deployments expected to be over a three-year period. Whilst the Company is still in dialogue with NIK LLC regarding a rollout of these orders, the Board does not believe revenue will be received from those orders in the near term. The Company's current order book, (excluding the NIK LLC contracts), is now GBP40 million.

The Directors are satisfied that the Company has sufficient cash resources to execute on its strategy.

- Ends -

Enquiries:

 
 CyanConnode Holdings plc                       Tel: +44 (0) 1223 225 
                                                 060 
 John Cronin, Executive Chairman                www.cyanconnode.com 
 
 Arden Partners Plc (Nomad and Broker)          Tel: +44 (0) 20 7614 
                                                 5900 
 Paul Shackleton / Dan Gee-Summons (Corporate 
  Finance) 
  Simon Johnson (Corporate Broking) 
 
 Yellow Jersey PR (Financial PR)                Tel: +44(0) 20 3004 9512 
  Sarah Hollins/ Annabel Atkins                  cyanconnode@yellowjerseypr.com 
 About CyanConnode 
  CyanConnode (AIM:CYAN.L), is a world leader in Narrowband 
  Radio Frequency (RF) Smart Mesh Networks, which are used for 
  machine to machine (M2M) communication. As well as being self-forming 
  and self-healing, CyanConnode's RF Smart Mesh Networks are 
  designed for rapid deployment, whilst giving exceptional performance 
  and competitive total cost of ownership. 
  In June 2018, CyanConnode launched its award-winning Omnimesh 
  Advanced Metering Infrastructure (AMI) platform, which has 
  already gained considerable commercial traction, especially 
  in India which is a key market for the Company. 
  Through a Global partner eco-system, which is vendor agnostic, 
  CyanConnode has several routes to market, therefore it is 
  well positioned to capitalise upon increasing Global demand 
  for smart metering solutions. 
 
  For more information, please visit www.cyanconnode.com. 
 
  The information communicated in this announcement is inside 
  information for the purposes of Article 7 of Regulation 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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