$2.9m Order for Support Contract

RNS Number : 6304B

CyanConnode Holdings PLC

24 September 2018

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

$2.9 million order for support contract for Indian smart metering deployment

CyanConnode (AIM: CYAN), a world leader in narrowband radio frequency (RF) mesh networks, is pleased to announce the receipt of a $2.9 million purchase order for a five-year support and maintenance contract for an Omnimesh smart metering deployment by a State-Owned Utility in India.

This contract relates to the $11.6 million purchase order announced last week, for Omnimesh IPv6-based hardware, perpetual software licenses and services, received from a Tier One Metering Partner. It includes support and maintenance of the RF Canopy, firmware and software support and training.  The contract will start within six months from the commencement of meter installations and is for an initial period of five years.

Anil Daulani, Managing Director of CyanConnode Pvt Limited, commented: "We are very pleased to announce this significant, follow-on order for support and maintenance for the Omnimesh smart metering solution being provided to the State-Owned Utility. As an integrated network services company, we have the technology, partners and expertise to provide end-to-end smart metering RF communications solutions that enable utilities to reduce their cost to serve and improve customer experience.

"This contract demonstrates our commitment and ability to provide both world class technology and expert support to customers, from integration to ongoing maintenance. CyanConnode designs, delivers and supports solutions and services which enable organisations to create, improve and operate the smart networks that their businesses depend on. Our comprehensive approach builds customer confidence and loyalty, providing scope for follow-on orders as well as further revenue streams."

The Omnimesh product was officially launched on 27 June 2018 and the total value of orders received for this new product is now more than $18.9 million, which demonstrates its suitability for the Indian smart metering market.

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

 

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