Ethernity Networks Ltd FPGA SoC contracts update (7156I)
August 09 2023 - 2:00AM
UK Regulatory
TIDMENET
RNS Number : 7156I
Ethernity Networks Ltd
09 August 2023
9 August 2023
ETHERNITY NETWORKS LTD.
("Ethernity" or the "Company")
FPGA SoC contracts update
Ethernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading
supplier of data processing semiconductor technology for networking
appliances, is pleased to provide an update on two contracts
previously announced on 12 October 2021, for a wireless backhaul
solution, and 16 November 2022, for a broadband wireless access
solution (the "Contracts"). The Contracts have a combined value of
$740,000.
As previously announced, the Company has experienced delays in
various existing customer contracts and these delays have included
the two Contracts. The Company has completed the development of the
field programmable gate array ("FPGA") data processing unit ("DPU")
firmware for each Contract in preparation for receipt of the
required prototype hardware from the respective customers so that
the FPGA's DPU firmware can be integrated into the customers'
products. However, to date the customers have been unable to
deliver the required hardware to the Company.
The Company has now been notified by the two customers that they
intend to deliver their prototype hardware during Q4 2023. Once
delivery of the hardware has taken place, the Company will be able
to complete the Contracts and invoice for the remaining balance,
which equates to approximately $550,000 in total. Subject to
receiving the hardware from the Customers in the anticipated
timeframe, the Contracts are expected to be fulfilled during Q4
2023 and Q1 2024.
David Levi, CEO of Ethernity Networks, commented: "The
completion of these two contracts will demonstrate the Company's
ongoing success in providing unique telecommunications networking
technology on low-cost FPGA and the value that Ethernity's DPU
technology provides for vendors who seek to deliver a
differentiated networking solution."
For further information, please contact:
Ethernity Networks Ltd Tel: +972 8 915 0392
David Levi, Chief Executive 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 PON 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 access infrastructure.
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END
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