Last checked at 31 Oct 2023 07:15
31 October 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Contract in the Middle East and North Africa (MENA)
CyanConnode Holdings plc (AIM: CYAN) is pleased to announce that it has received a Letter of Award (LOA) for a follow-on smart metering deployment in the Middle East and North Africa (MENA) region. This follow-on contract builds upon the first MENA order announced by the Company in April 2022 and is for CyanConnode's cellular communications product, which will be deployed to connect smart electricity and smart water meters.
Under the LOA, CyanConnode will supply cellular hubs, with a capacity to connect 1.41 million devices. Delivery of the first 7,000 hubs is expected to complete by early November 2023, with the full contract expected to be delivered over the next 12 months.
John Cronin, Executive Chairman, commented:
"We are delighted to have secured this LOA, building upon our previous success in 2022, where the delivery of cellular hubs to connect up to 1 million Omnimesh cellular communications modules in the MENA region has been accomplished successfully. This contract significantly enhances our relationship with this important customer, which continues to strengthen as we further develop our business in the MENA region, and enhances our visibility over revenue."
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Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com
Strand Hanson Limited (Nominated and Financial Adviser) Tel: +44 (0) 20 7409 3494
James Harris, Richard Johnson, David Asquith
Zeus Capital Limited (Broker) Tel: +44 (0) 20 3829 5000
Simon Johnson, Alexandra Campbell-Harris
About CyanConnode
CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.
For more information, please visit www.cyanconnode.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.