TIDMCYAN
RNS Number : 7623Y
CyanConnode Holdings PLC
06 January 2020
6 January 2020
CyanConnode Holdings plc
("CyanConnode" or the "Company")
New Order for Smart Metering Project in South India
CyanConnode Holdings plc (AIM: CYAN), a world leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to
announce that it has received the formal purchase order relating to
the Letter of Intent (LOI) received from partner Genus Power
Infrastructures Limited ("Genus"), as announced on 16 December
2019. The purchase order, worth GBP3.3 million, includes a full set
of terms and conditions under which the project will be
implemented.
Under the purchase order, CyanConnode will supply Advanced
Metering Infrastructure (AMI) standards-based hardware, services,
and head-end software, which includes a perpetual license and an
annual maintenance contract. The Company's Omnimesh technology will
provide a network canopy, enabling a hybrid RF smart mesh and
cellular communication platform that is scalable to 200,000 smart
meters.
The installation of the project is expected to be completed
within the next fifteen months, with approximately 80% of revenue
being recognised during the first two years and the balance of
approximately 20% being received during a further 7-year support
and maintenance contract that commences upon project completion and
'Go Live' phase.
The first project planning meeting to discuss the roll out and
installation of the meters will take place during January 2020.
Preserving and managing CyanConnode's cash remains a key focus
as the Company moves towards break-even, with a number of short to
medium term funding options being considered to help strengthen
this position. For example, a Letter of Credit (LoC) is being
provided by Genus for this project, which will mitigate
CyanConnode's financial exposure relating to the manufacture of up
to 200,000 communications modules. The LoC will also facilitate
advanced payment for those modules, as and when they are delivered
to Genus.
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512
Sarah Hollins / Annabel Atkins
cyanconnode@yellowjerseypr.com
Arden Partners plc (Nomad and Broker) Tel: +44 (0) 20 7614
5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
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
About Genus
Genus Power Infrastructures Limited, an ISO 9001 & 14001
certified company is an integral part of the US $400 million
Kailash Group. Genus has two business divisions offering highly
innovative and sustainable solutions to the power sector.
The Metering Solution Division provides a complete range of
Electricity Meters such as Multi-Functional Single Phase and Three
Phase Meters, CT Operated Meters, ABT & Grid Meters, DT Meters,
Pre-Payment Meters, Smart Meters, AMI, MDAS etc.
The Engineering Construction and Contracts Division undertakes
Turnkey power projects such as Sub-Station erection up to 420kV,
Laying up of transmission & distribution lines, Rural
Electrification, Switchyard, Network Refurbishment etc.
Equipped with avant-grade manufacturing facilities, complete
forward and backward integration from plastic parts to final
products, automated SMT lines, Lean Assembly techniques and a team
of highly qualified and experienced engineers, Genus is committed
to develop innovative and customized solution at an affordable
price. Our top-notch R&D Center, recognised by the Ministry of
Science and Technology, Govt. of India, has enabled the company to
dominate the power infrastructure and be at the forefront of new
technology.
For more information, please visit http://genuspower.com/
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END
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