REG - CyanConnode Holdings - Order From New Partner

Cyanconnode HoldingsAnnouncement

04/01/2023 07:00

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RNS Number : 5794L  CyanConnode Holdings PLC  04 January 2023

 

04 January 2023

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Order From New Partner

 

CyanConnode Holdings plc (AIM: CYAN), a world leader in narrowband radio
frequency (RF) mesh networks, is pleased to announce that its subsidiary,
CyanConnode India Pvt Ltd, has received an order from Montecarlo Limited
(Montecarlo) for 983,525 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 Jabalpur, Madhya Pradesh.
It was won against a very competitive field and supply of Omnimesh Modules is
expected to commence during Q1 of 2023. The installation of smart meters will
be completed within 30 months and will be followed by a seven-and-a-half-year
Support and Maintenance Contract, which will commence upon completion of the
installation phase. Approximately 60% of the contract will be paid for 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 Support and
Maintenance Contract period. Certain components required for this contract
have been bought in advance to ensure that contract delivery dates are met.

 

John Cronin, Executive Chairman of CyanConnode, commented:

"I am delighted to announce our first order from Montecarlo, who are a
diversified infrastructure development company based in India.  This contract
is our third project in Madhya Pradesh, following two Omnimesh deployments for
Madhya Pradesh Paschim Kshetra Vidyut Vitran Company Ltd, (MPWZ) in Indore.

 

The contract is another circa one million Omnimesh Module order, which is
testament to our standards-based cutting-edge technology, skills and
understanding of the Indian smart metering ecosystem. Indore's smart metering
infrastructure is already running on an Omnimesh RF mesh network, and the
deployment has become a case study for other Distribution Companies (DISCOMs)
across the country. The project has been a triumph for MPWZ, who achieved a
return on investment in only two and a half years.

 

CyanConnode's and Montecarlo's combined local knowledge and project
implementation experience will assist in the successful execution of this
project and we are confident that our partnership will go from strength to
strength."

 

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

"We are very pleased to be partnering with CyanConnode. Montecarlo comes with
a strong and successful project implementation background and while this is
our first foray into the smart metering business, we are confident that we
will make this a successful case study for other projects. CyanConnode is a
service provider and has a proven track record in implementing communications
infrastructure for smart metering in India and I believe that our strengths
will lead to further such opportunities and partnerships."

 

As previously announced, CyanConnode recently won two other substantial
orders, one of which is in Bihar for circa one million units. This latest
order means that CyanConnode is now active in ten Indian States and has an
order book of more than 3.6m Omnimesh Modules in India alone. Consequently,
CyanConnode has strengthened its position in India as the largest provider of
RF Smart Mesh Networks for Advanced Metering Infrastructure (AMI).
CyanConnode also believes that the recently announced Revamped Distribution
Sector Scheme (RDSS) will result in more contracts being awarded to the
Company in the near future.

 

- Ends -

 

Enquiries:

CyanConnode Holdings plc
 
Tel: +44 (0) 1223 225 060

John Cronin, Executive Chairman
                                www.cyanconnode.com

Cenkos Securities plc (Nomad and Joint Broker)
              Tel: +44 (0) 20 7397 8900

Stephen Keys / Charlie Combe (Corporate Finance)

 

Arden Partners plc (Joint Broker)
                                Tel: +44 (0) 20 7614 5900

Simon Johnson (Corporate Broking)

 

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. It's 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 the Company and its businesses, please visit our
website 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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