CyanConnode Holdings - New Order for Smart Metering Project in India
("CyanConnode" or the "Company")
New Order for
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
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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John Cronin, Executive Chairman www.cyanconnode.com
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512
Sarah Hollins / Annabel Atkins [email protected]
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
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.
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
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.
Equipped with avant-grade manufacturing facilities, complete forward and backward integration from plastic parts to final products, automated SMT lines,
For more information, please visit http://genuspower.com/
This information is provided by RNS, the news service of the
Quick facts: CyanConnode Holdings PLC
Market Cap: £3.29 m
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