REG - CyanConnode Holdings - Order For One Million Omnimesh Modules

Cyanconnode HoldingsAnnouncement

11/01/2024 07:00

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RNS Number : 3137Z  CyanConnode Holdings PLC  11 January 2024

 

11 January 2024

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Order For One Million 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 an order from Montecarlo Limited
(Montecarlo) for one million Omnimesh Modules, together with Advanced Metering
Infrastructure, Standards-Based Hardware, Omnimesh Head-End Software,
Perpetual License, and a Support and Maintenance Contract.

 

The order relates to a smart metering deployment in Nagpur, Maharashtra, with
supply of Omnimesh Modules expected to commence within this quarter. The
installation will be completed within 27 months and followed by a 93 month
Support and Maintenance Contract, which will commence upon completion of the
installation phase.  Approximately 60% of the contract will be paid during
the installation phase, against either (i) letters of credit or (ii) via a
trade finance portal with 30-day payment terms. The remaining 40% 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 pleased to announce this second significant order from Montecarlo,
following our initial collaboration that began last year with the January 2023
order for a similar volume. This new contract for one million Omnimesh Modules
is a testament to our standards-based, innovative technology and deep
understanding of India's smart metering landscape. It also underscores the
growing market acceptance and momentum for our products. This order
significantly boosts our total Indian order book to 6.3 million units, with
3.9 million modules scheduled for delivery in accordance with the established
project timelines."

 

Mr. Mrunal Patel, Joint MD of Montecarlo, commented:

"We are extremely pleased to continue our partnership with CyanConnode,
building on our previous successful and ongoing collaboration in Madhya
Pradesh. Our strong background in project implementation, coupled with
CyanConnode's proven track record in smart metering communications
infrastructure in India, instils confidence in the successful implementation
of this project. I believe that our combined strengths will pave the way for
further such opportunities and partnerships."

 

 

- 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 (Broker)
 
                Tel: +44 (0) 20 3829 5900

Simon Johnson / Louisa Waddell

 

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)

 

About Montecarlo Limited

Montecarlo is a diversified infrastructure development company headquartered
in Ahmedabad, Gujarat. Its operations span various verticals of mining, energy
infrastructure, water and irrigation, buildings and factories, highways,
railways and metro, with approximately 55 ongoing sites across India.
Montecarlo has developed a reputation for completing the bulk of its
infrastructure development and construction projects on schedule over the past
27 years. It has been able to establish and expand skills in the verticals in
which it operates as a result of its executional experience.

 

For more information about Montecarlo and its businesses, please visit
www.mclindia.com (http://www.mclindia.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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