13 March
2024
ETHERNITY NETWORKS
LTD
("Ethernity" or the
"Company")
Update on U.S Aerospace
Project
Ethernity Networks (AIM: ENET.L;
OTCMKTS: ENETF), a leading supplier of data processing
semiconductor technology for networking appliances, provides an
update on the $1.05m contract signed with a Tier 1 U.S.-based
aerospace system products provider (the "Customer").
As previously disclosed, the $1.05
million licensing deal with the Tier-1 U.S. aerospace vendor
involves Ethernity delivering its silicon-tuned software to enable
specific networking functionalities on the Customer's unique
platform.
The Company obtained U.S Government
approval for the project in September 2024, and over the course of
six months, the Company has successfully completed all scheduled
deliveries focused on porting Ethernity's existing silicon tuned
software onto the customer's platform, and has invoiced $890,000 to
date. Additionally, the Company is pleased
to have received the highest performance ratings across all aspects
of the contract so far, including technical support, adherence to
scheduled deliveries, and overall management.
It is anticipated that the contract
will be extended by an additional $290,000 to allocate dedicated development resources for additional
functionalities beyond the original scope, with implementation
planned over the next three months. Combined with the remaining $160,000 from the original
contract, the additional $290,000 will bring the total anticipated
collection to $450,000 in the near term. The Company anticipates
further revenue from the Customer during H2 2025.
For
further information, please contact:
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Ethernity Networks Ltd
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Tel: +972 3 748 9846
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David Levi, Chief Executive
Officer
Tomer Asis, Chief Financial
Officer
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Allenby Capital Limited (Nominated Adviser and
Joint Broker)
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Tel: +44 (0)20 3328 5656
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James Reeve / Piers Shimwell
(Corporate Finance)
Amrit Nahal / Stefano Aquilino
(Sales and Corporate Broking)
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CMC
Markets UK plc (Joint Broker)
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Tel: +44 (0)20 3003 8632
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Douglas Crippen
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Peterhouse Capital Limited (Joint Broker)
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Tel: +44 (0)20 7562 0930
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Lucy Williams / Duncan Vasey / Eran
Zucker
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About Ethernity (www.ethernitynet.com)
Ethernity Networks (AIM: ENET.L)
provides innovative, comprehensive networking and security
solutions on programmable hardware for accelerating telco/cloud
networks. Ethernity's semiconductor logic offers complete Carrier
Ethernet Switch Router data plane processing and control software
with a rich set of networking features, robust security, and a wide
range of virtual function accelerations to optimize
telecommunications networks. Ethernity's complete solutions quickly
adapt to customers' changing needs, improving time-to-market, and
facilitating the deployment of 5G, edge computing, and Broadband
Networks.
