Update on TNEB Tender

RNS Number : 4724E

Cyan Holdings Plc

31 May 2012

 



Cyan Holdings Plc

("Cyan" or "the Company")

Update on TNEB Tender

TNEB formally authorises Cyan customer to start pilot installation

Cyan Holdings plc (AIM: CYAN.L), the integrated system design company delivering wireless solutions for lighting control and utility metering, today gives an update regarding the Tamil Nadu Electricity Board (TNEB) tender.

Following the submission of proposals for the tender by 16 companies, one of Cyan's metering partners in India has now received a formal letter from TNEB inviting  them  to install a 500 unit pilot in Tamil Nadu state. Cyan believes this is the first company to receive such a letter. The letter requests that the pilot begin as soon as possible. The Cyan partner in question is the principal supplier of electricity meters to TNEB and is ready to start the pilot immediately. As part of the Technical Specification of the tender, the bidders have to demonstrate the suitability of the tendered meters with respect to the performance, communication and networking capabilities to the assessment committee. Cyan believes that its 865 Mhz (AMI) with data concentrators is the only one that meets this Technical Specification.

TNEB plan to replace 18M meters and this is the first tender as part of the program. Given the significant financial cost and expected impact in terms of reduction of AT&C* losses in replacing 18M meters, TNEB are taking the selection process very seriously. We have been told that the decision process has to be completely transparent for all participants and this has resulted in an understandable extension to the timeline.

Further information regarding the status of the other meter manufacturers who have bid on the TNEB tender, as well as the duration of the pilots and expected date of orders, will be provided as it becomes available.

John Cronin, Executive Chairman at Cyan added, "We are delighted that the first of our partners has been formally requested to enter the pilot stage of the tender and all indications are that Cyan's partners are in a very strong position. While the process is taking longer than originally stated by TNEB, this is evidence that progress is being made. The Board remains confident that the outcome of this tender process will be transformational for Cyan in terms of financial situation and market perception."

*Aggregate Technical & Commercial

Enquiries:

Cyan Holdings plc John Cronin, Chairman www.cyantechnology.com	Tel: [phone]
Cenkos Securities plc NOMAD and Joint Broker Stephen Keys / Adrian Hargrave	Tel: [phone]
XCAP Securities plc Joint Broker Jon Belliss / Adrian Kirk	Tel: [phone]
Newgate Threadneedle Financial PR Caroline Evans- Jones / Guy McDougall	Tel: [phone]

About Cyan

Cyan is an integrated system design and software company delivering mesh based flexible wireless solutions for utility metering and lighting control. The Company has been listed on London's Alternative Investment Market (AIM) since 2005. Cyan's Headquarters are in Swavesey, Cambridge, UK. For more information, please visit www.cyantechnology.com.

CyLec

Cyan's CyLec technology provides a complete control and communication  network including user interface. CyLec offers point-to-point and mesh network solutions for metering applications. CyLec is a trademark of Cyan Technology Ltd.

CyLux

Cyan's CyLux technology provides a complete control and communications network including user interface. CyLux is a control system allowing lighting manufacturers to build and sell RF controlled street and tunnel lighting. CyLux is a trademark of Cyan Technology Ltd.

 

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