Ethernity Networks Ltd Clarification to fibre controller business update (1532C)
June 08 2023 - 9:55AM
UK Regulatory
TIDMENET
RNS Number : 1532C
Ethernity Networks Ltd
08 June 2023
8 June 2023
ETHERNITY NETWORKS LTD.
("Ethernity" or the "Company")
Clarification to Fibre controller business update
Ethernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading
supplier of data processing semiconductor technology for networking
appliances, announces, further to the Company's announcement on 6
June 2023, the following clarification.
Of the $7.6 million contracts announced on 18 October 2021 and
20 September 2022, the Company anticipated that c. $4.2 million
would be recognised in 2023, with the balance being recognised in
2024. As the Company has now secured the supply of the components
required to fulfil certain deliveries under these contracts, the
Directors of Ethernity are confident that $3.3 million of the $4.2
million can be recognised under the contracts in 2023. Subject to
securing the necessary components during the second half of 2023,
the Company still expects to be able to recognise the balance of
the $4.2 million of revenue under these contracts in 2023. This
will largely contribute to the targeted $9 million in revenues for
2023 which, as announced on 11 May 2023, the Directors believe is
achievable, planned from a variety of revenue streams from current
contracts and other anticipated engagements, including design kit,
licenses, royalties and UEP link bonding technology and associated
software.
For further information, please contact:
Ethernity Networks Ltd Tel: +972 8 915 0392
David Levi, Chief Executive Officer
Mark Reichenberg, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0)20 3328
and Joint Broker) 5656
James Reeve / Piers Shimwell (Corporate
Finance)
Amrit Nahal / Stefano Aquilino (Sales and
Corporate Broking)
Peterhouse Capital Limited (Joint Broker) Tel: +44 (0)20 7562
0930
Lucy Williams / Duncan Vasey / Eran Zucker
About Ethernity ( www.ethernitynet.com )
Ethernity Networks (AIM: ENET.L OTCQB: ENETF) provides
innovative, comprehensive networking and security solutions on
programmable hardware that increase telco/cloud network
infrastructure capacity. Ethernity's semiconductor logic offers
data processing functionality for different networking
applications, innovative patented wireless access technology, and
fibre access media controllers, all equipped with control software
with a rich set of networking features. Ethernity's solutions
quickly adapt to customers' changing needs, improving
time-to-market, and facilitating the deployment of 5G over wireless
and fibre infrastructure.
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END
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