Directorate and Management Changes

RNS Number : 1911P

Cyan Holdings Plc

30 September 2013

 



Cyan Holdings plc

("Cyan" or the "Company")

Directorate and Management Changes

Cyan Holdings Plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering, lighting control and M2M applications, announces the appointment of Simon Smith as Chief Financial Officer and other management changes.

Over the past few months, John Cronin has met with Cyan's significant customers and strategic partners in key countries. Given the increased visibility of the commercial opportunity, John has taken the decision to appoint a full time Chief Financial Officer, to assist him in his role as Executive Chairman, in addition to strengthening the operational management team.

With effect from 1 October 2013, Simon Smith will move from his current position as Non-Executive Director to an Executive Director role as Chief Financial Officer, which will also include him focusing on investor relations, identifying suitable acquisition targets and creating value for shareholders of the Company.

Having recently qualified as a Company Secretary through ICSA, Heather Peacock will be appointed to the role of Company Secretary from 1 October 2013, in addition to her existing role of Financial Controller, with responsibility for the corporate governance of the Company.

In addition to the executive roles mentioned above, Cyan has recently taken the opportunity to strengthen its Board with the appointment of Stephen Newton as Non-Executive Director and is seeking to add an additional Non-Executive to the Board before the end of the year.

Cyan has also strengthened its executive management team with the appointment of Stephen Page as Chief Operating Officer (non-Board) responsible for product development and operations. Stephen has successfully managed the development of CyLec and CyLux products in recent years. The Board is confident Stephen has the ability to continue to deliver product development and add any additional operational capability they expect the Company will require to capitalise on its emerging commercial opportunities., He has recently overseen the successful qualification process by his team of the two Tier 1 contract equipment manufacturers, who are now fully qualified and able to manufacture and deliver substantial volumes of product for Cyan customers in India.

In addition, Dr Sean Cochrane has been appointed Product Director (non-Board) and will be responsible for refining the Company's product roadmap and ensuring customer requirements are defined and captured. Dr Cochrane has lead Cyan's technical field support team for the last 5 years and played a large part in ensuring the success of the pilots carried out in Trichy in 2012 as part of the TNEB tender. 

When John Cronin visited many of our key customers, prospects and partners in early September there was an overwhelming request for more local Cyan staff to be in-country to support them. Therefore, we have strengthened our team in India to provide more continuity and be closer to our customers. Shiv Kaushik continues in the role of Country Manager for India and has recruited an additional Sales Manager to deliver on local opportunities in Southern India. With Shiv based in Northern India and two application engineers already in the field, the India team now consists of four staff based close to customer locations. As part of the management changes identified above, Bijan Mohandes is no longer an employee of the Company.

Cyan has also recently announced the appointment of Carlos Ferreira as Cyan Special Advisor - Latin America and expects to make similar appointments going forward to Cyan's strategic and commercial advantage.

Simon Smith, CFO, commented "I am delighted to be joining the Executive team at Cyan after 3.5 years in a Non-Executive capacity and I am excited by the future prospects of the Company."

John Cronin, Executive Chairman of Cyan, commented: "With the staff changes mentioned above, I remain convinced the Company has a substantial opportunity in smart metering, smart lighting and the M2M (Internet of Things) markets. I visited many of our key customers, prospects and partners in early September and there was an overwhelming request for more local Cyan staff to support them. Our model will be one where we have a small core team in the UK and continue to build out in-country resource as the opportunities are realised. We have a number of exciting initiatives in the pipeline and I look forward to bringing these to completion and announcing them to shareholders. "

Enquiries:

Cyan Holdings plc John Cronin, Executive Chairman	www.cyantechnology.com  Tel: [phone]
Allenby Capital Limited (Nominated Advisor and Joint Broker) Jeremy Porter / Mark Connelly	Tel: [phone]
XCAP Securities plc (Joint Broker) Jon Belliss / Adrian Kirk	Tel: [phone]
Walbrook PR Ltd Bob Huxford Paul Cornelius	Tel: [phone] [e-mail] [e-mail]

About Cyan

Cyan is an integrated system design company delivering mesh based flexible wireless solutions for utility metering, lighting control & industrial telemetry. For more information, please visit:

www.cyantechnology.com

 

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