Ethernity Networks Ltd US Government Approves Aerospace Project

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: [phone]
David Levi, Chief Executive Officer Ayala Deutsch, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
James Reeve / Piers Shimwell (Corporate Finance) Amrit Nahal / Stefano Aquilino (Sales and Corporate Broking)
CMC Markets UK plc (Joint Broker)	Tel: [phone]
Douglas Crippen
Peterhouse Capital Limited (Joint Broker)	Tel: [phone]
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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