Contract Win

Ethernity Networks Ltd

28 June 2024

 

28 June 2024

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

Contract win

Ethernity Networks Secures $1.05 Million License Contract with a new Tier 1 US Aerospace OEM

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, announces that it has secured a license agreement ("Agreement") with a new Tier 1 US-based aerospace system products provider (the "Customer").

Highlights:

·     Value: $1.05 million total license fees, with majority of delivery expected to be completed during H2 2024;

·  the Agreement will utilise Ethernity Networks' silicon-tuned software supporting specific networking capabilities on a Field-Programmable Gate Array ("FPGA") device for the Customer's platform.

The Agreement with a Tier 1 US aerospace leader marks a significant win for Ethernity Networks, demonstrating Ethernity leadership. Under the Agreement, Ethernity will deliver its silicon-tuned software, enabling specific networking functionalities on an FPGA device for the Customer's unique platform. The Agreement represents a total license fee of $1.05 million. The Directors of Ethernity also believe that collaboration with this Tier 1 Customer presents the potential for further discussions in H2 2024 and 2025 to address the Customer's evolving needs, potentially expanding the deal value in the coming years.

The implementation of the project and tight collaboration with the Customer for the development of their product, which is based on the ENET Data Flow Processor, is conditional on approval from the U.S. Government, as is customary for U.S. Aerospace projects. This approval is estimated to be granted no later than August 2024. An equivalent approval was previously granted to a different US Aerospace customer of Ethernity.

"We are excited to partner with this prestigious aerospace Customer to empower their next-generation solutions." said David Levi, CEO of Ethernity Networks. "We are committed to delivering exceptional value and exceeding their expectations throughout this collaboration."

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.

 

END