CyanConnode Holdings PLC $11.6 million order from India (0841B)

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: [phone] 
                                               060 
 John Cronin, Executive Chairman              www.cyanconnode.com 
 
 finnCap Ltd (Nomad and Broker)               Tel: [phone] 
                                               0500 
 Ed Frisby/ Giles Rolls (Corporate Finance) 
  Alice Lane (ECM) 
 
 Walbrook PR (Financial PR)                   Tel: [phone] 
  Paul Cornelius / Nick Rome                   [e-mail] 
 
 

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

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 [e-mail] or visit www.rns.com.

END

MSCLPMATMBIBMPP

(END) Dow Jones Newswires

September 18, 2018 02:02 ET (06:02 GMT)