REG - Ethernity Networks - Update re. aerospace contract

Ethernity NetworksAnnouncement

02/09/2024 07:00

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RNS Number : 4164C  Ethernity Networks Ltd  02 September 2024

2 September 2024

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

 

Update re. $1.05m Aerospace contract

 

 

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data
processing semiconductor technology for networking appliances, provides an
update on the $1.05m contract signed with a Tier 1 US-based aerospace system
products provider (the "Customer"), details of which were announced on 28 June
2024.

 

As previously announced, the $1.05m licensing deal with the Tier 1 US
aerospace vendor involves Ethernity delivering its silicon-tuned software to
enable specific networking functionalities on the Customer's unique platform.
The project remains contingent upon the U.S. government approval as is
customary for such aerospace initiatives.

Whilst there has been an unforeseen delay in the U.S. Government approval
process, both the Company and the Customer remain confident in its imminent
approval. In anticipation of this, the Company has already delivered the
initial project milestones, as the respective deliverables are an inherent
part of Ethernity's UEP Switch/Router offering and do not require special
development. As a result, once the U.S. Government approval has been obtained,
it will trigger an immediate payment of 40% of the contract value.

Moreover, Ethernity's technical teams have been diligently collaborating to
train and familiarize the Customer's personnel with the Company's technology,
ensuring their readiness to further expedite the development progress once
U.S. Government clearance has been granted.

 

 

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.

 

 

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