REG - Ethernity Networks - Contract Win

Ethernity NetworksAnnouncement

28/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240628:nRSb2266Ua&default-theme=true

RNS Number : 2266U  Ethernity Networks Ltd  28 June 2024

28 June 2024

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

 

Contract win

 

Ethernity Networks Secures $1.05 Million License Contract with a new Tier 1 US
Aerospace OEM

 

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data
processing semiconductor technology for networking appliances, announces that
it has secured a license agreement ("Agreement") with a new Tier 1 US-based
aerospace system products provider (the "Customer").

 

Highlights:

 

·     Value: $1.05 million total license fees, with majority of delivery
expected to be completed during H2 2024;

 

·  the Agreement will utilise Ethernity Networks' silicon-tuned software
supporting specific networking capabilities on a Field-Programmable Gate Array
("FPGA") device for the Customer's platform.

 

The Agreement with a Tier 1 US aerospace leader marks a significant win for
Ethernity Networks, demonstrating Ethernity leadership. Under the Agreement,
Ethernity will deliver its silicon-tuned software, enabling specific
networking functionalities on an FPGA device for the Customer's unique
platform. The Agreement represents a total license fee of $1.05 million. The
Directors of Ethernity also believe that collaboration with this Tier 1
Customer presents the potential for further discussions in H2 2024 and 2025 to
address the Customer's evolving needs, potentially expanding the deal value in
the coming years.

 

The implementation of the project and tight collaboration with the Customer
for the development of their product, which is based on the ENET Data Flow
Processor, is conditional on approval from the U.S. Government, as is
customary for U.S. Aerospace projects. This approval is estimated to be
granted no later than August 2024. An equivalent approval was previously
granted to a different US Aerospace customer of Ethernity.

 

"We are excited to partner with this prestigious aerospace Customer to empower
their next-generation solutions." said David Levi, CEO of Ethernity Networks.
"We are committed to delivering exceptional value and exceeding their
expectations throughout this collaboration."

 

For further information, please contact:

 

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

 Ayala Deutsch, 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)

 CMC Markets UK plc (Joint Broker)                              Tel: +44 (0)20 3003 8632
 Douglas Crippen

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

 

About Ethernity (www.ethernitynet.com)

 

Ethernity Networks (AIM: ENET.L) provides innovative, comprehensive networking
and security solutions on programmable hardware for accelerating telco/cloud
networks. Ethernity's semiconductor logic offers complete Carrier Ethernet
Switch Router data plane processing and control software with a rich set of
networking features, robust security, and a wide range of virtual function
accelerations to optimize telecommunications networks. Ethernity's complete
solutions quickly adapt to customers' changing needs, improving
time-to-market, and facilitating the deployment of 5G, edge computing, and
Broadband Networks.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTFRMATMTITBPI