REG - Ethernity Networks - US Government Approves Aerospace Project

Ethernity NetworksAnnouncement

10/09/2024 10:30

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RNS Number : 5838D  Ethernity Networks Ltd  10 September 2024

 

10 September 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

U.S. Government Approves Ethernity as a Supplier for Aerospace Project

 

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 U.S.-based aerospace system
products provider (the "Customer").

 

As previously disclosed, the $1.05m licensing deal with the Tier-1 U.S.
aerospace vendor involves Ethernity delivering its silicon-tuned software to
enable specific networking functionalities on the Customer's unique platform.
As is customary for similar aerospace initiatives, the U.S. Government reviews
and approves foreign suppliers who are delivering IP to such projects. We are
now happy to update that the project has been granted U.S. Government
approval, and will shortly move to the implementation phase, triggering
immediate payment in respect of the milestones that have already been
delivered by the Company, representing 40% of the contract value.

 

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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