REG - CyanConnode Holdings - Major New Contract For 6.5m Omnimesh Modules

Cyanconnode HoldingsAnnouncement

28/08/2024 07:00

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RNS Number : 8984B  CyanConnode Holdings PLC  28 August 2024

 

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
(http://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.

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