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Thank you for the additional information, Multi. It is appreciated.

And it does confirm, in the July 2018 Trading Update:- " During the period, the Company announced a US$3.2m order, from L&T, for Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Ltd., ( " MPWZ ") which is the largest government utility project, on RF mesh technology, to date. Delivery of this contract is commencing this month, with the majority of hardware expected to be delivered during 2018."

So, as you have indicated, a proportion of the contract may well be recognized in this financial year.

I also remember someone saying about " ...... Karnataka, Mysore being the largest RF project, that Cyan(Connode) have received ....... " at one time. It seems as though the contracts are getting bigger.

Who was it that indicated that would probably happen?

Good luck,

LTI.

Good morning Multi,

The indications given from/about the Gujarat project, give possible installation figures of between 1500/1600 smart meters approximately per month, over a 14/15 month period from receiving the purchase order in July 2017. I would think that more meters would be installed towards the middle and end of the contract, than there are at the beginning of the contract.

I believe John and Anil did mention the Indore project, but I did not pick up on any specifics on how the project was going, except that it was progressing well. But that does not mean they did not mention it to others, out of my listening range. From the May 2018 RNS, it states that CyanConnode expect the Indore project to commence during the current financial year and is anticipated to be deployed over the next 2 years.

But the Gujarat and Indore projects, are only two of the ongoing projects, that CyanConnode and Partners are involved with. Should the CyanConnode and Partners consortia, receive other projects, then I would think that there is enough information on a possible projection guideline, per consortium, per contract, for the installation of smart meters, that can be worked on from the Gujarat project, for other possible clients.

Good luck,

LTI.

....... indicates that the Gujarat UGVCL smart meter project for Genus Power, should be coming near completion, by 30th September, 2018. While the billing of 1st phase for 8,000 consumers, is already complete.

The total project has an order value of $1.1 million ( Approximately GBP 840,000 ) and was based on 23,000+ units. This is different to the unit value recorded in the ISGF Bulletin, which shows a figure of 39,442. I asked CyanConnode to verify which figure was correct and had a reply that the 23,000+ figure, as RNS'd on 6th July, 2017, is the correct figure.

So should the September 30th, 2018 date be achieved for completion, that could/should make a proportion of the order value, available to be entered into the CyanConnode bank account, hopefully by year end, 2018. ( Dependent on payment terms.) Minus any retention for snagging, etc., ( Allow approximately 5%.)

The 18 month contract period, mentioned in the July 6th, 2017 RNS, runs through to the beginning of January 2019.

So it would seem that the project may be ahead of schedule.

Good luck,

LTI.

Good morning tonyj,

Kamstrup also have a smart grid platform, called OMNIA. And a suite of smart meters, called OMNIPOWER.

https://www.kamstrup.com/en-en/products-solutions/smart-grid
https://www.kamstrup.com/en-en/products-solutions/smart-grid/electricity-meters

The CyanConnode solution is marketed as Omnimesh, or associated CyanConnode brands.

But to answer your question, no official association with either Company, as far as I know.

I hope this helps.

LTI.

Hello Pedro,

Yes indeed. The frequency of Trading Updates has increased over the years, to become, as you say, a Quarterly Trading Update. That in itself, is encouraging.

Good luck,

LTI.

...... September issue, has been published.

http://www.indiasmartgrid.org/newsletter.php

- Gujarat Project - Genus Power/CyanConnode/Fluentgrid is progressing. 19,753 single phase meters, 1,897 three phase meters and 13 three phase CT meters, have been installed.

- 4 projects now complete.

- 3 projects are under review for the NSGM.

- 6 new tenders have been put forward.

- 3 new tenders are expected.

- One of the new expected tenders, for BESCOM, also includes CT operated 3-phase smart meters.

Good luck,

LTI.

Good morning Mozax,

An interesting analysis of CyanConnode and it's possible potential.

Good luck,

LTI.

Hello CB,

Comparing " todays run rate," will hardly be an accurate measure of what will happen in the future. In my opinion.

The Company will know what it needs, as far as units/solutions provided are concerned, to generate a given amount of revenue. With the majority of development done, the Omnimesh solution complete and marketing underway. With an indication from the presentation in London, that the Company is in a position now, to ask for any fine-tuning/different specification, of the Omnimesh solution that a prospective client wants, that it should be/will be chargeable.

We have been given an indication, in the report I posted today, about the limit on expectations for the installation of meters, for EESL. Whether that will be the same, or different, for a consortium involving CyanConnode and Partners, remains to be seen.

But it may be a factor, going forward.

No indication on the verifiable numbers of installed meters for the EESL projects?

LTI.

Hello CB,

I am sure that you do get the concept, of Partners. It is a concept that EESL could learn from. But your " ..... 200 gazillion in the same fashion ...... , " I will leave you to fantasize about.

But that, in reality, would leave a projected 50 million meters installed under an alternative solution. 20% of that, gives you 10 million. And that is just from India. And remembering that is just 20% of 50 million. Because EESL are possibly, hypothetically, going to install 200 million. Installing at 1 million meters a year, maximum, according to the report, I posted earlier.

The 20% of 50 million meters, fits nicely into John Cronin's 10 year plan.

Installed smart meters for CyanConnode, in India, at the moment, approximately 30,000/40,000/50,000. I do not know the exact figure, without checking. And EESL? Or should I say, EESL projects?

LTI.

Good evening Multi/Pedro,

You both make valid points. As you say Multi, there is a lot of difference between buying and installing LED light-bulbs and buying and installing meters. Smart or not. That is very interesting the point you make on " ..... not working reliably ...... " But I did make a suggestion a few months back, that the EESL meter projects, should publish progress on their projects, like what is happening in the ISGF Bulletin, as far as the Indian Pilots, are concerned. That would be a help to everyone. Wouldn't it?

Pedro, I remember you mentioned this very point, when we met at the AGM. But CB mentioned something earlier about Certification. Maybe he has the answer. Or has already answered it. I must look, when I get the time.

Good luck both,

LTI.

Hello dwall,

I think the facts speak for themselves.The 10 million pre-paid meter tender, was not smart. So cuts " ...... the biggest Smart roll-out, the world has seen ..... " by half. At least as far as CyanConnode are concerned.

Whether the other 2 x 5 million " smart " meter tenders, initially incorporating GPRS, are what anyone would accept as " smart," with all the problems the telecommunications industry is having with call drops, secure data transfer, etc., is another matter. At the end of the day, it should be what the utilities want. Not what EESL want to purchase. I would think.

If you look at the report I posted at 12:23, today, there is also concern about the number of meters in a single tender.

From the report:- " The meter industry is also sceptical on the amount of meters, in a single tender. Typically, it takes a year to install maximum 500,000 to 1 million meters. Here, UP alone has an order of 10 million pre-paid meters and 5 million smart meters.. First servicing of smart meter is due in three years from the day of packaging. How will they install so many meters, especially when there are so many replacements, also to be done?"

So we are talking about a minimum of 15 years worth of installation time, for two tenders?

Also taking into account what I said earlier, about 3 leading meter manufacturers decided not to tender, having " ..... concerns on product safety and tariff regulations."

So there is quite a debate going on about what the utilities want, what they need and the best way to achieve it.

What the utilities and the Indian government do not want, is to end up with a not very smart grid, that does not deliver on what was promised, just to save on the Capex expenditure, of EESL or the utilities. That will cost more money in the long run.

Good to hear from you again dwall.

Good luck,

LTI

Hello CB,

I am glad you are finally grasping the information about EESL and CyanConnode. The 10 million pre-paid tender was not smart, not RF and not GPRS, are far as we know. So no involvement for CyanConnode.

As a procurement agency, EESL have done their job, for the 10 million pre-paid meters required, for the areas that it tendered for. Job done. But EESL and this none-smart, none RF project, are not " ...... central to the massive scale deployment that CC need ....... " And that is because CyanConnode are an RF/IoT company.

The Company's that are " central " to our development and profitability, are our Partners. Some Indian companies. Some global companies. Some European companies. But all have a shared interest, in the development of RF projects. Even the telecommunications companies. Which EESL isn't.

Mr. R.K. Singh, has indicated that all electricity meters are to be smart pre-paid, within 3 years.

https://economictimes.indiatimes.com/industry/energy/power/all-electricity-meters-to-be-smart-prepaid-in-3-years-r-k-singh/articleshow/64493720.cms

As it indicates in the report:- " The meeting discussed aspects of smart meters, like BIS certification, compatibility with GPRS, harmonisation with existing digital infrastructure among other things." So the discussion is being had/has been had, over the way forward.

I posted some relevant information, concerning the problems that customers were having in India, the call-drops they were having to cope with ( Not-spots ) The problems with data carrying over a telecommunications network. The lack of telecommunications towers.

As one Indian businessman put it, " The telephone system was never designed to carry data. It was designed for voice."

So CyanConnode will carry on developing in the RF market, in which it specializes.

LTI.

......... EESL, it may be worth looking at the report I have posted and mentioned before and note what is missing.

https://www.business-standard.com/article/companies/tender-for-10-mn-prepaid-meters-attracts-12-bidders-large-players-keep-out-118032100501_1.html

In the report ( If it travels ) you will note that there are three particular words, that are not used, concerning the 10 million pre-paid meter tender.

Smart, RF and GPRS.

Therefore, in my opinion and one which I have expressed before, CyanConnode would not have tendered for this particular tender/contract.

Another point of reference is the number of leading meter manufacturers that declined to tender for the 10 million pre-paid meter tender, having " ......... concerns over product safety and tariff regulations." It may also be worth mentioning, that one of the meter manufacturers who declined to enter for the pre-paid meter tender, provided by EESL, was HPL India, who has recently, we have been informed, had the Company's technology integrated into their BIS compliant smart meters, enabling rapid deployment.

As I understand it, CyanConnode enter for tenders and contracts, in collaboration with CyanConnode Partners. If our Partners do not think a tender or contract is suitable for them, then CyanConnode do not enter. But there is also the possibility of developing new partners, if the Company think it is necessary or applicable.

LTI.

Hello Multi,

You are more than welcome. But I think we both agree, there is still a long way to go yet. Still twist's and turn's to navigate.

And as we have been told, we won't win everything. But we and the Company, are beginning to see real progress. With more to come, I am sure.

Good luck,

LTI.

If that fails, you should find the original report, within the first HPL webpage, under " Press Release " " View all " date " 19th June, 2018 "

https://www.hplindia.com/

LTI.

Ooooops, sorry,

If you type in the web address as written, it should work okay, as I have just tried it. Again.

LTI.

......... in the September 2018 Interim Report, that HPL India, along with Genus Power and Larsen&Toubro, have " ..... integrated the Company's technology, into their BIS compliant smart meters, enabling rapid deployment."

The technology being the Omnimesh solution.

In June 2018, there was a report which confirmed that HPL had received BIS certification for its smart meters, under IS 16444.

http://corporateethos.com/corporate-domain/hpl-electric-power-receives-bis-certification-for-smart-meters/

The report also mentions about HPL recently winning " ..... two tenders of meters from southern utilities, for Rs76.23 crore ..... " ( About GBP8m, I think.)

Interestingly, HPL also provide/manufacture single phase and three phase meters/pre-paid meters and street-lighting, along with other products and services.

https://www.hplindia.com/
https://www.hplindia.com/meters-metering-solutions-smart-metering-solution.php
https://www.hplindia.com/meters-metering-solutions-prepaid-metering-solution.php

An interesting company to have as a Partner.

Good luck,

LTI.

Hello Multi,

I have been following your posts and progress, during the day, along with Pedro. Good luck to the both of you and all CyanConnode investors. Like Pedro, by the look of it, I invested again before the weekend of the presentation, which as it stands, I am more than comfortable with.

Progress seems to be being made, both with product, orders and we hope with the funding arrangements and revenue.

Let us see what the future brings.

Good luck,

LTI.

Good morning Overfiend,

Thank you for your figures and possible projections. It is appreciated.

The one thing I would add, but you may have already covered it, is with the reduction in R&D, there will be a reduction in R&D tax credit for the year 2018.

But you do mention that, " Not saying that 2018 will be similar, but only small amount ( 250k ) has been recognized in 1st half."

So I think we/you are recognizing that the R&D tax credit will be lower, but we are looking forward to the revenue being higher, to compensate.

An interesting point you make about " Maybe the " market " arrived at a similar conclusion hence the re-rate?"

Thanks for taking the time to collate and provide some figures.

Good luck,

LTI.

Hello chem,

Just going over the posts, over the last couple of days and noticed you had " popped-in," on Monday. I trust you are keeping well.

I think that most share-holders are encouraged, that with the Omnimesh solution now being developed and marketing well underway, that a new phase is being entered in the Company's development and progression.

And as a share-holder, as you say, we are all looking forward, to the " ....... possible next big order ...... "

It is good to hear from you again, chem.

Good luck,

LTI.