TNEB Update

RNS Number : 3426X

Cyan Holdings Plc

14 February 2012

 



RNS Reach

14 February 2012

Cyan Holdings plc

("Cyan" or the "Company")

Update on TNEB Tender

·      TNEB 1.5 million tender submission date extended to 20 February 2012

·      Expected to mean that the number of meters submitted which incorporate Cyan's CyLec technology will be higher than originally anticipated

·      Board will update investors when further information becomes available

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) Automatic Meter Reading tender.

TNEB is one of the largest electricity distributors in India. In November, it published a tender for the supply of 1.5 million meters as part of its consumer network upgrade programme. This represents the first phase in what is anticipated to be a total upgrade programme of 18 million meters.

Cyan has received information that TNEB has agreed to extend the deadline for submission of samples to 20 February 2012, a further 10 day extension to the original closing date of 10 February 2012.

Cyan is confident that two Indian metering manufacturers, both main suppliers of TNEB, have CyLec compliant meters ready to submit and understands that several other manufacturers of CyLec interoperable meters will now also be in a position to meet the new deadline.

Bijan Mohandes, VP Worldwide Sales and Marketing at Cyan commented, "The extension to the tender submission deadline was unexpected however it does benefit Cyan as we understand it will allow a greater number of CyLec interoperable meters to be fully developed and submitted. We believe this tender represents a significant opportunity for Cyan over the next five years and we will update shareholders as further information becomes available."

Enquiries:

Cyan Holdings plc John Read, 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 Adam Reynolds / Guy McDougall/ Caroline Evans- Jones	Tel: [phone]

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.

About CyLec

CyLec is a complete control and communication network for electricity metering. CyLec uses wireless technology to enable the collection and delivery of data from and to a meter, such as energy profiles, instant readings and the sending of tariff updates. Prioritydata can also be sent back to the utilities such as information regarding tampering enabling the utility to take action immediately.

 

END

 

 

NRAGGUMPPUPPGMW