CyanConnode Holdings PLC Follow-on Order for Smart Metering in Thailand (1204H)

TIDMCYAN

RNS Number : 1204H

CyanConnode Holdings PLC

23 March 2020

23 March 2020

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Omnimesh Follow-on Order for Smart Metering in Thailand

CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce a follow-on order for the Metropolitan Electricity Authority (MEA) in Thailand. The follow-on order is for an additional 206,735 Omnimesh perpetual software licenses and relates to the Thailand order announced on 30 December 2019.

MEA is a Thailand state-owned energy utility group serving around 4 million customers in the city of Bangkok and two adjacent provinces. MEA is deploying a Smart Metro Grid platform to improve power availability and reliability, as well as to analyse distribution losses, automate meter reading, and increase customer satisfaction.

The follow-on order was placed by Forth Corporation Public Company Limited (Forth), with The JST Group (JST) acting as CyanConnode's Agent, and it increases the total value of orders received for MEA to more than $3

million.   Under the contract, a payment of approximately $206,000 is due at the time of order. 

The additional Omnimesh software licenses will allow MEA to connect up to 240,000 smart meters to the Omnimesh Head End Server (HES), which will serve the Thailand Smart Metro Grid project. The order also includes an Annual Maintenance Contract for the maintenance of the HES, providing a further recurring revenue stream over an initial five-year period.

Delivery of the Omnimesh RF Modules ordered in December 2019, which are being integrated into Forth's meters, will commence in May 2020. The RF Modules will use the narrow band frequencies of 442 MMHz and 447MMHz, which have been allocated to Utilities by The National Broadcasting and Telecommunications Commission (NBTC) of Thailand and the required NBTC certifications are progressing as expected.

   John Cronin, CyanConnode Executive Chairman,   commented : 

"We are delighted to receive this follow-on order so soon after the initial order was placed in December 2019.

"CyanConnode's Omnimesh products met all evaluation criteria and outperformed competitor solutions and this follow-on order demonstrates the suitability of Omnimesh for the global smart metering market.

"We look forward to continuing to work with JST and Forth to deliver our Omnimesh products throughout Thailand."

John Stamp, JST Group CEO, commented:

"We are pleased to see this follow-on order for additional software licenses for this project. This demonstrates the value-added benefits expected by MEA and the suitability of CyanConnode's Omnimesh technology to the Smart Metro Grid project."

Mr. Pattanan Amatanon , Forth COO, commented:

"As a leading provider of electricity meters and system integration, we are pleased to deliver CyanConnode's Omnimesh solution to MEA. The ease of integration and deployment of the technology, as well as CyanConnode's expertise in managing data communication across narrowband networks, were key considerations when selecting an AMI solution partner for this bid."

- Ends -

Enquiries:

CyanConnode Holdings plc Tel: [phone]

John Cronin, Executive Chairman www.cyanconnode.com

Yellow Jersey PR (Financial PR) Tel: [phone]

Sarah Hollins/ Annabel Atkins [e-mail]

Arden Partners plc (Joint Broker) Tel: [phone]

Paul Shackleton / Dan Gee-Summons (Corporate Finance)

Simon Johnson (Corporate Broking)

About CyanConnode

CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.

In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.

Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.

For more information, please visit www.cyanconnode.com

About The JST Group

The JST Group is an independent group of wholly owned Thai service and supply companies, with over 40 years' experience in Thailand and South East Asia. JST has developed a flexible organization structure to provide locally-based and managed specialist services to meet emerging customer requirements.

For more information, please visit http://www.jst-group.com/

About Forth Corporation Public Company Limited

Forth Corporation Public Company Limited (FORTH) was established in 1989 and has registered capital amounting to Baht 1 million. The Company was established to research, develop and manufacture Private Branch Exchange (PBX) under the trademark of FORTH, Printed Circuit Board Assembly (PCBA) and electronic equipment manufacturing.

The Company increased capital and expanded into related-business e.g. telecommunication equipment manufacturing and distribution and digital electronic meter manufacturing, etc. In 2006, the Company was listed on the Stock Exchange of Thailand in 2006 and became the public company named Forth Corporation Public Company Limited.

For more information, please visit https://www.forth.co.th/en/

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March 23, 2020 03:00 ET (07:00 GMT)