Last checked at 6 Jan 2020 07:00
6 January 2020
CyanConnode Holdings plc
("CyanConnode" or the "Company")
New Order for Smart Metering Project in South India
CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has received the formal purchase order relating to the Letter of Intent (LOI) received from partner Genus Power Infrastructures Limited ("Genus"), as announced on 16 December 2019. The purchase order, worth £3.3 million, includes a full set of terms and conditions under which the project will be implemented.
Under the purchase order, CyanConnode will supply Advanced Metering Infrastructure (AMI) standards-based hardware, services, and head-end software, which includes a perpetual license and an annual maintenance contract. The Company's Omnimesh technology will provide a network canopy, enabling a hybrid RF smart mesh and cellular communication platform that is scalable to 200,000 smart meters.
The installation of the project is expected to be completed within the next fifteen months, with approximately 80% of revenue being recognised during the first two years and the balance of approximately 20% being received during a further 7-year support and maintenance contract that commences upon project completion and 'Go Live' phase.
The first project planning meeting to discuss the roll out and installation of the meters will take place during January 2020.
Preserving and managing CyanConnode's cash remains a key focus as the Company moves towards break-even, with a number of short to medium term funding options being considered to help strengthen this position. For example, a Letter of Credit (LoC) is being provided by Genus for this project, which will mitigate CyanConnode's financial exposure relating to the manufacture of up to 200,000 communications modules. The LoC will also facilitate advanced payment for those modules, as and when they are delivered to Genus.
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Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512Sarah Hollins / Annabel Atkins cyanconnode@yellowjerseypr.com
Arden Partners plc (Nomad and Broker) Tel: +44 (0) 20 7614 5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
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
About Genus
Genus Power Infrastructures Limited, an ISO 9001 & 14001 certified company is an integral part of the US $400 million Kailash Group. Genus has two business divisions offering highly innovative and sustainable solutions to the power sector.
The Metering Solution Division provides a complete range of Electricity Meters such as Multi-Functional Single Phase and Three Phase Meters, CT Operated Meters, ABT & Grid Meters, DT Meters, Pre-Payment Meters, Smart Meters, AMI, MDAS etc.
The Engineering Construction and Contracts Division undertakes Turnkey power projects such as Sub-Station erection up to 420kV, Laying up of transmission & distribution lines, Rural Electrification, Switchyard, Network Refurbishment etc.
Equipped with avant-grade manufacturing facilities, complete forward and backward integration from plastic parts to final products, automated SMT lines, Lean Assembly techniques and a team of highly qualified and experienced engineers, Genus is committed to develop innovative and customized solution at an affordable price. Our top-notch R&D Center, recognised by the Ministry of Science and Technology, Govt. of India, has enabled the company to dominate the power infrastructure and be at the forefront of new technology.
For more information, please visit http://genuspower.com/