REG - Ethernity Networks - Clarification to fibre controller business update

Ethernity NetworksAnnouncement

08/06/2023 15:00

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RNS Number : 1532C  Ethernity Networks Ltd  08 June 2023

8 June 2023

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

 

Clarification to Fibre controller business update

 

Ethernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data
processing semiconductor technology for networking appliances, announces,
further to the Company's announcement on 6 June 2023, the following
clarification.

 

Of the $7.6 million contracts announced on 18 October 2021 and 20 September
2022, the Company anticipated that c. $4.2 million would be recognised in
2023, with the balance being recognised in 2024. As the Company has now
secured the supply of the components required to fulfil certain deliveries
under these contracts, the Directors of Ethernity are confident that $3.3
million of the $4.2 million can be recognised under the contracts in 2023.
Subject to securing the necessary components during the second half of 2023,
the Company still expects to be able to recognise the balance of the $4.2
million of revenue under these contracts in 2023. This will largely contribute
to the targeted $9 million in revenues for 2023 which, as announced on 11 May
2023, the Directors believe is achievable, planned from a variety of revenue
streams from current contracts and other anticipated engagements, including
design kit, licenses, royalties and UEP link bonding technology and associated
software.

 

For further information, please contact:

 

 Ethernity Networks Ltd                                         Tel: +972 8 915 0392
 David Levi, Chief Executive Officer
 Mark Reichenberg, Chief Financial Officer

 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: +44 (0)20 3328 5656
 James Reeve / Piers Shimwell (Corporate Finance)

 Amrit Nahal / Stefano Aquilino (Sales and Corporate Broking)

 Peterhouse Capital Limited (Joint Broker)                      Tel: +44 (0)20 7562 0930
 Lucy Williams / Duncan Vasey / Eran Zucker

 

About Ethernity ( www.ethernitynet.com (http://www.ethernitynet.com/) )

Ethernity Networks (AIM: ENET.L OTCQB: ENETF) provides innovative,
comprehensive networking and security solutions on programmable hardware that
increase telco/cloud network infrastructure capacity. Ethernity's
semiconductor logic offers data processing functionality for different
networking applications, innovative patented wireless access technology, and
fibre access media controllers, all equipped with control software with a rich
set of networking features. Ethernity's solutions quickly adapt to customers'
changing needs, improving time-to-market, and facilitating the deployment of
5G over wireless and fibre infrastructure.

 

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