CyanConnode Holdings PLC Strategic Framework Agreement (0123P)
February 06 2023 - 3:21AM
UK Regulatory
TIDMCYAN
RNS Number : 0123P
CyanConnode Holdings PLC
06 February 2023
06 February 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Strategic Framework Agreement
CyanConnode Holdings plc (AIM: CYAN), a world leader in
narrowband radio frequency (RF) mesh networks, is pleased to
announce that it has entered into a definitive framework agreement
with a key partner to supply its advanced RF mesh communication
technology in India (the "Framework Agreement"). As a preferred
partner, CyanConnode will provide Omnimesh RF modules, Advanced
Metering Infrastructure, Standards-Based Hardware, Omnimesh
Head-End Software and associated components, Perpetual License,
design, installation, implementation, integration, training and
support & Maintenance Contract for 3 million smart meters.
The Framework Agreement underpins directors' confidence in the
market expectations for the financial year to 31 March 2024 and
sets out the terms and conditions, including pricing, for future
orders placed by the key partner.
This partnership marks a crucial endorsement of CyanConnode's
expanding footprint in India, with a robust pipeline of potential
deals and current tenders amounting to approximately 100 million
smart meters. The partnership showcases the Company's continued
growth and success, and has the potential to double its order
book.
During the current financial year, CyanConnode has received
orders for 2.3 million Omnimesh modules, reflecting significant
progress. This is compared to the previous decade when it took
almost ten years to win 1.3 million modules. The majority of these
2.3 million modules are expected to be installed over the next two
years. Additionally, CyanConnode's pipeline of opportunities and
partnerships have significantly grown during the current financial
year and our conversion rate continues to improve.
John Cronin, Executive Chairman of CyanConnode, said: "We are
delighted to announce our selection as the preferred communications
partner for the deployment of smart meters in India by a leading
industry player. Our partnership will aim to establish a robust and
efficient smart metering infrastructure in the country. We are
committed to collaborating with our partner to drive innovation in
the industry and provide the benefits of smart metering to the
people of India."
The information contained within this announcement is deemed to
constitute inside information for the purposes of Article 7 of EU
Regulation 596/2014 (Market Abuse Regulations) which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this announcement, this inside information is now
considered to be in the public domain.
Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com
Cenkos Securities plc - Nominated Adviser and Joint Broker Tel: +44 (0) 207 397 8900
Stephen Keys/ Charlie Combe
Zeus Capital Limited - Joint Broker Tel: +44 (0) 20 3829
5000
Simon Johnson / Alexandra Campbell-Harris
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.
CyanConnode's award-winning Omnimesh Advanced Metering
Infrastructure (AMI) platform has 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
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGREAPAKEFNDEEA
(END) Dow Jones Newswires
February 06, 2023 03:21 ET (08:21 GMT)
Cyanconnode (LSE:CYAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cyanconnode (LSE:CYAN)
Historical Stock Chart
From Jul 2023 to Jul 2024