REG - CyanConnode Holdings - Strategic Framework Agreement - Replacement

Cyanconnode HoldingsAnnouncement

06/02/2023 09:00

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RNS Number : 0146P  CyanConnode Holdings PLC  06 February 2023

The following amendment has been made to the "Strategic Framework Agreement"
announcement released on 6 February at 7am under RNS No 9402O and 0123P.

 

The second sentence in the first paragraph has changed from "As a preferred
partner, CyanConnode will provide 3 million smart meters together with
Omnimesh RF modules, Advanced Metering Infrastructure, Standards-Based
Hardware, Omnimesh Head-End Software and associated components, Perpetual
License, design, installation, implementation, integration, training and
support & Maintenance Contract."

 

To

 

"As a preferred partner, CyanConnode will provide Omnimesh RF modules,
Advanced Metering Infrastructure, Standards-Based Hardware, Omnimesh Head-End
Software and associated components, Perpetual License, design, installation,
implementation, integration, training and support & Maintenance Contract
for 3 million smart meters."

 

All other details remain unchanged.

 

The full amended text is shown below.

 

 

 

06 February 2023

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Strategic Framework Agreement

 

CyanConnode Holdings plc (AIM: CYAN), a world leader in narrowband radio
frequency (RF) mesh networks, is pleased to announce that it has entered into
a definitive framework agreement with a key partner to supply its advanced RF
mesh communication technology in India (the "Framework  Agreement"). As a
preferred partner, CyanConnode will provide Omnimesh RF modules, Advanced
Metering Infrastructure, Standards-Based Hardware, Omnimesh Head-End Software
and associated components, Perpetual License, design, installation,
implementation, integration, training and support & Maintenance Contract
for 3 million smart meters.

The Framework Agreement underpins directors' confidence in the market
expectations for the financial year to 31 March 2024 and sets out the terms
and conditions, including pricing, for future orders placed by the key
partner.

This partnership marks a crucial endorsement of CyanConnode's expanding
footprint in India, with a robust pipeline of potential deals and current
tenders amounting to approximately 100 million smart meters. The partnership
showcases the Company's continued growth and success, and has the potential to
double its order book.

During the current financial year, CyanConnode has received orders for 2.3
million Omnimesh modules, reflecting significant progress. This is compared to
the previous decade when it took almost ten years to win 1.3 million modules.
The majority of these 2.3 million modules are expected to be installed over
the next two years. Additionally, CyanConnode's pipeline of opportunities and
partnerships have significantly grown during the current financial year and
our conversion rate continues to improve.

John Cronin, Executive Chairman of CyanConnode, said: "We are delighted to
announce our selection as the preferred communications partner for the
deployment of smart meters in India by a leading industry player. Our
partnership will aim to establish a robust and efficient smart metering
infrastructure in the country. We are committed to collaborating with our
partner to drive innovation in the industry and provide the benefits of smart
metering to the people of India."

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.

Ends -

 

 

Enquiries:

CyanConnode Holdings plc
 
Tel: +44 (0) 1223 865 750

John Cronin, Executive Chairman
 
   www.cyanconnode.com

Cenkos Securities plc - Nominated Adviser and Joint Broker
   Tel: +44 (0) 207 397 8900

Stephen Keys/ Charlie Combe

 

Zeus Capital Limited - Joint Broker
                                 Tel: +44 (0) 20 3829 5000

Simon Johnson / Alexandra
Campbell-Harris

 

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)

 

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