28 August
2024
CyanConnode Holdings
plc
("CyanConnode" or
the "Company")
Major New Contract For 6.5m Omnimesh
Modules
CyanConnode Holdings plc (AIM:
CYAN), a world leader in narrowband radio frequency ("RF") mesh
networks, is pleased to announce that its subsidiary, CyanConnode
Pvt Ltd, has received a Letter of Award ("LOA") from a global
partner for six and a half million Omnimesh Modules, together with
Advanced Metering Infrastructure, Standards-Based Hardware,
Omnimesh Head-End Software, Perpetual License, and a Support and
Maintenance Contract.
The LOA relates to various smart
metering projects in India, with supply of Omnimesh Modules
expected to commence during H2 of FY2025. The installations for
each project will then be completed within 27 months and followed
by a 93 month Support and Maintenance Contracts, which will
commence upon completion of the installation phase.
Approximately 70% of the contract will be paid during the
installation phase. The remaining 30% of the contract will be paid
for in equal monthly instalments over the duration of the Support
and Maintenance Contract period.
John Cronin, Executive Chairman of CyanConnode,
commented:
"I am delighted to announce
CyanConnode's largest order to date from a global partner, with
whom we have successfully collaborated on various projects over the
years. This order nearly doubles our order book for India,
increasing it from 6.6 million units to 13.1 million units, and
solidifies our position in India's nationwide smart metering
rollout."
- Ends -
Enquiries:
CyanConnode Holdings
plc
Tel: +44 (0) 1223 865 750
John Cronin, Executive
Chairman
www.cyanconnode.com
Strand Hanson Limited (Nominated and
Financial
Adviser)
Tel: +44 (0) 20 7409
3494
James Harris / Richard Johnson / David
Asquith
Zeus Capital
Limited (Joint
Broker)
Tel: +44 (0) 20 3829
5900
Simon Johnson / Louisa Waddell
Panmure Liberum
(Joint
Broker)
Tel: +44 (0) 20 7886 2500
Rupert Dearden / James
Sinclair-Ford
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
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.