Consolidation of European Operations

RNS Number : 8775A

CyanConnode Holdings PLC

17 September 2018

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Consolidation of European Operations

CyanConnode, a world leader in narrowband radio frequency mesh networks, is pleased to announce the consolidation of its European operations.

Connode Holding AB, based in Sundbyberg Sweden, was acquired by CyanConnode in July 2016 and its operations, including software development and technical support, have been transferred to the Company's Cambridge Headquarters. The lease over office accommodation in Sundbyberg Sweden will terminate effective 31 December 2018.

CyanConnode will continue to support Nordic customers and develop Nordic opportunities using Swedish staff working as contractors to the Company, and from CyanConnode's Cambridge Headquarters.

Connode Holding AB has been dedicated to the development of CyanConnode's Omnimesh platform, which was launched in June 2018. In the Interim results, announced on 11 September 2018, CyanConnode provided an outlook that included the cost benefits relating to the closure of its Swedish Office. CyanConnode is forecasting a monthly cash cost base from 1 January 2019 onwards in the region of £560k. There is no change to the Company's previously notified full year expectations for the financial year to 31 December 2018, nor the outlook.

Harry Berry, CyanConnode COO, commented: "I would like to thank the staff of Connode Holding AB for the smooth transfer of operations, including software development and technical support, to our Cambridge Headquarters. Nordic customers can rest assured that CyanConnode will continue to fully support their requirements."

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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