CyanConnode Holdings PLC $11.6 million order from India (0841B)
18 September 2018 - 4:02PM
UK Regulatory
TIDMCYAN
RNS Number : 0841B
CyanConnode Holdings PLC
18 September 2018
CyanConnode Holdings plc
("CyanConnode" or the "Company")
$11.6 million order from India
Largest order to date for Omnimesh IPv6-based smart metering
solution in India
CyanConnode (AIM: CYAN), a world leader in narrowband radio
frequency mesh networks, is pleased to announce the receipt of a
$11.6 million purchase order relating to a smart metering
deployment by an Indian State-Owned Utility.
This major purchase order, from a Tier One Metering Partner, is
for Omnimesh IPv6-based hardware, perpetual software licenses and
installation services. In addition to this order the Company is
also negotiating a five year support and maintenance contract. The
end customer is a State-Owned Utility and the agreed deployment
schedule is expected to result in H2 2018 revenue.
The Company forecasts revenues of c.GBP700k under this order in
this financial year to 31 December 2018, contributing to the
delivery of management's existing full year expectations. The
Company now has a total order book in excess of $110 million.
Anil Daulani, Managing Director of CyanConnode Pvt Limited,
commented: "We are very pleased to announce the Company's largest
order to date for Omnimesh. The product was launched in 2018 and
this brings the total value of orders received for this new product
to in excess of $16 million, and demonstrates its suitability for
the Indian smart metering market. The size and scale of this
opportunity reflects the rapidly evolving Indian market as well as
the ability of CyanConnode's Tier One Partners to offer highly
innovative and workable solutions."
India is a key market for CyanConnode, contributing revenues
from existing contracts for State-Owned Utility end customers, such
as Uttar Gujarat Vij Company Ltd and Madhya Pradesh Paschim Kshetra
Vidyut Vitaran Company Ltd.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225
060
John Cronin, Executive Chairman www.cyanconnode.com
finnCap Ltd (Nomad and Broker) Tel: +44 (0) 20 7220
0500
Ed Frisby/ Giles Rolls (Corporate Finance)
Alice Lane (ECM)
Walbrook PR (Financial PR) Tel: +44(0) 20 7933 8780
Paul Cornelius / Nick Rome cyanconnode@walbrookpr.com
About CyanConnode
CyanConnode is a world leader in narrowband radio frequency (RF)
mesh networks that facilitate machine to machine (M2M)
communication. CyanConnode's innovative technology uses the
industrial, scientific, and medical radio band, (ISM), which is
optimised to give exceptional performance and competitive total
cost of ownership. Through global partnerships, CyanConnode
provides customers with a solution for the rapid deployment of
local or countrywide ISM RF mesh networks that provide reliable and
secure M2M communication.
For more information, please visit www.cyanconnode.com
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contact rns@lseg.com or visit www.rns.com.
END
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