Update on TNEB Tender

RNS Number : 8255Y

Cyan Holdings Plc

07 March 2012

 



Cyan Holdings plc

("Cyan" or the "Company")

Update on TNEB Tender

·     Cyan has been informed that 16 companies have submitted proposals, 5 based on Cyan's CyLec® technology

·     Cyan believes that the vast majority of the other companies are not able to meet all the requirements of the tender

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.

The submission process for the tender is now complete and Cyan understands that a total of 16 companies have submitted units; 5 of these companies have submitted meters containing Cyan CyLec technology, two of whom are suppliers to TNEB.

TNEB will now carry out a full compliance check on all the documents provided at the submission. Cyan is told this is underway and will take 10 days to complete. The submitted meters will be sent to the certification authority in India. The Company is informed that this process of verification will take up to 2 months. In parallel, there will be pilots run to check the operational functionality of all submitted equipment, for a minimum of 2 months. 

Bijan Mohandes, VP Worldwide Sales and Marketing at Cyan commented:

"The submission phase of the tender process is now complete and we are in a strong position with 5 of the 16 candidates submitting meters containing CyLec technology, including two suppliers to TNEB. We expect the outcome of the tender to be announced within the next two months and look forward to updating 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

 

 

NRAUGUBUWUPPGRQ