REG - Ethernity Networks - FPGA SoC contracts update

Ethernity NetworksAnnouncement

09/08/2023 07:00

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RNS Number : 7156I  Ethernity Networks Ltd  09 August 2023

9 August 2023

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

 

FPGA SoC contracts update

 

Ethernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data
processing semiconductor technology for networking appliances, is pleased to
provide an update on two contracts previously announced on 12 October 2021,
for a wireless backhaul solution, and 16 November 2022, for a broadband
wireless access solution (the "Contracts"). The Contracts have a combined
value of $740,000.

 

As previously announced, the Company has experienced delays in various
existing customer contracts and these delays have included the two Contracts.
The Company has completed the development of the field programmable gate array
("FPGA") data processing unit ("DPU") firmware for each Contract in
preparation for receipt of the required prototype hardware from the respective
customers so that the FPGA's DPU firmware can be integrated into the
customers' products. However, to date the customers have been unable to
deliver the required hardware to the Company.

 

The Company has now been notified by the two customers that they intend to
deliver their prototype hardware during Q4 2023. Once delivery of the hardware
has taken place, the Company will be able to complete the Contracts and
invoice for the remaining balance, which equates to approximately $550,000 in
total. Subject to receiving the hardware from the Customers in the anticipated
timeframe, the Contracts are expected to be fulfilled during Q4 2023 and Q1
2024.

 

David Levi, CEO of Ethernity Networks, commented: "The completion of these two
contracts will demonstrate the Company's ongoing success in providing unique
telecommunications networking technology on low-cost FPGA and the value that
Ethernity's DPU technology provides for vendors who seek to deliver a
differentiated networking solution."

 

For further information, please contact:

 

 Ethernity Networks Ltd                                         Tel: +972 8 915 0392
 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

 

 

About Ethernity ( (http://www.ethernitynet.com/) www.ethernitynet.com
(http://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 PON 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 access infrastructure.

 

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