REG - Ethernity Networks - Conclusion of TSP process

Ethernity NetworksAnnouncement

31/01/2024 07:00

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RNS Number : 4280B  Ethernity Networks Ltd  31 January 2024

31 January 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Conclusion of TSP process

 

Ethernity Networks Ltd (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of
networking processing semiconductor technology ported on field programmable
gate arrays ("FPGAs") for virtualised networking appliances is pleased to
announce the formal conclusion of the temporary suspension of proceedings
("TSP") process.

 

On 20 December 2023, the Company announced that the Court in Lod ("Court")
granted an extension to the TSP process until 30 January 2024. The
Commissioner of Insolvency and Economic Rehabilitation Proceedings, operating
under the governmental Office of Justice, has submitted its approval of the
Settlement Proposal (details of which were announced on 11 January 2024) to
the Court and waived the need to hold a Court hearing. Therefore, the Company
now anticipates that the Court will submit its formal approval of the
Settlement Proposal during the first two weeks of February. Notwithstanding
this, it is not considered necessary to seek a further extension to the TSP
and therefore the Company is pleased to announce that it has formally exited
the TSP process with effect from today.

 

During the TSP process, the Company continued to serve its existing customers
and secure contracts that will bring in additional revenue during the coming
years. The Company's new business pipeline and engagement with potential new
OEMs is based on its leading programmable Universal Edge Platform ("UEP")
product range. This ranges from a pure carrier ethernet switch platform
equipped with security functions, towards a carrier ethernet with the
Company's patented L1 bonding, up to a remote optical line terminal offering
that captures the Company's carrier ethernet technology and the Company's
fiber media access controller integrated into a single programmable silicon
device to capture different telecom access deployments with single
programmable hardware.

 

David Levi, CEO, commented: "We are delighted for the Company to be able to
conclude the TSP process. We exit the TSP on a far stronger financial footing
than when we entered, thanks to the encouraging customer contracts and the
fundraise we undertook in December. Ethernity is well positioned for further
growth and to capitalise on its market leading solutions. I would like to
thank our customers, suppliers, shareholders and employees for their ongoing
support of the business and look forward to 2024 with confidence."

 

For further information, please contact:

 

 Ethernity Networks Ltd                                         Tel: +972 3 748 9846
 David Levi, Chief Executive 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

 

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