Last checked at 14 Jun 2012 07:00
Cyan Holdings plc
("Cyan" or the "Company")
Update on TNEB tender
Final stage timeline
Cyan Holdings plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control today gives further information regarding the timings of the Tamil Nadu Electricity Board (TNEB) Automatic Meter Reading (AMR) tender.
Cyan has been informed that all 500 unit pilots will have commenced by the first week in July 2012, at the latest. These pilots will then be monitored for 60 days. It is expected that TNEB will make a decision on selecting suppliers and technology used, within 45 days of commencement of the pilots. Their decision will be based on testing the technology as well as the interoperability of the solution. Cyan believes that the next stage of the process will be the placing of orders.
Vendors received an invitation letter from TNEB asking them to advance towards the pilot stage. In the letter, TNEB have asked the meter vendors to confirm their readiness for pilot participation. The letter states that as soon as a vendor contacts TNEB to confirm their readiness to participate, TNEB are ready to allocate the pilot location. If the vendors respond to TNEB quickly enough, pilots may start sooner than July 2012.
Parallel to this, meters are being tested at Central Power Research Institute, India (CPRI) for type test as per the specification laid down by TNEB, which will result in elimination of some of the bidders. The results from the pilots along with CPRI's report will guide TNEB to open price bidding with the approved bidders, thereby negotiating with them and placing orders. In summary, the successful completion of CPRI testing is essential in order to progress to the next stage. CPRI's report is expected by end of June 2012.
John Cronin, Executive Chairman at Cyan commented, "It is useful to have some clarity over where we are in the tender process, which is now edging towards its final stages and eventual conclusion. We will continue to update shareholders as we receive information. Whilst we are having to be patient, Cyan's partners remain in a strong position and we are increasingly confident of a positive outcome."
Cyan would also like to draw attention to a letter from the Government of India's Central Electricity Authority. The letter lays out the national specification requirements for Smart meters, which Cyan is pleased to report matches exactly with the Company's equipment specifications. This letter can be found at http://www.cea.nic.in/reports/articles/god/cost_meter1.pdf or on the Company website www.cyantechnology.com in Library>Articles.
Enquiries:
Cyan Holdings plc John Cronin, Chairman www.cyantechnology.com | Tel: +44 (0) 1954 234 400 |
Cenkos Securities plc NOMAD and Joint Broker Stephen Keys / Adrian Hargrave | Tel: +44 (0)20 7397 8900
|
XCAP Securities plc Joint Broker Jon Belliss / Adrian Kirk | Tel: +44 (0)20 7101 7070 |
Newgate Threadneedle Financial PR Caroline Evans- Jones / Guy McDougall
| Tel: +44 (0)20 7653 9850 |
The TNEB Tender
TNEB is one of the largest electricity distributors in India. In November 2011, 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.
CPRI
The Central Power Research Institute is an autonomous society under Ministry of Power, Government of India. Set up in 1960 by the Government of India, it functions as a centre for applied research in electrical power engineering assisting the electrical industry in product development, Consultancy and quality assurance. CPRI also serves as an independent authority for testing and certification of power equipment. CPRI's governing body includes eminent professionals from industries, utilities, prestigious academic and research institutions and the government.
About Cyan
Cyan is an integrated system design and software company delivering mesh based flexible wireless solutions for utility metering and lighting control. The Company has been listed on London's Alternative Investment Market (AIM) since 2005. Cyan's Headquarters are in Swavesey, Cambridge, UK. For more information, please visit www.cyantechnology.com.
CyLec
Cyan's CyLec technology provides a complete control and communication network including user interface. CyLec offers point-to-point and mesh network solutions for metering applications. CyLec is a trademark of Cyan Technology Ltd.
CyLux
Cyan's CyLux technology provides a complete control and communications network including user interface. CyLux is a control system allowing lighting manufacturers to build and sell RF controlled street and tunnel lighting. CyLux is a trademark of Cyan Technology Ltd.