Update on Rollout of Indian Contract

RNS Number : 5749Q

CyanConnode Holdings PLC

22 June 2020

 

22 June 2020

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Update on Rollout of Indian Contract

CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has now commenced shipment of Omnimesh RF Modules for the order that was announced in January 2020. The customer, Genus Power Infrastructures Limited ("Genus"), can now commence volume production of Omnimesh enabled smart meters for the end customer, a Utility located in South India.

The first shipment of 10,000 Omnimesh RF Modules was made to Genus in June 2020, with advanced payment for those modules facilitated by a Letter of Credit, provided by Genus.

As a result of Covid-19 there have been some minor delays to the commencement of field installation works, however significant progress has been made on software and integration scope of works.  

Anil Daulani, CyanConnode India CEO and MD, commented:

"There has been a good start towards providing the Omnimesh Network Canopy, which will provide a hybrid RF Smart Mesh and Cellular communication network, that is licensed for up to 200,000 Omnimesh enabled smart meters.

"India is still seeing an increase of Covid-19 cases, and I wish to express my sympathies to families who have been affected. Nonetheless, I remain optimistic and look forward to giving further updates relating to new orders in due course."

- 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

 

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