$1.5m order from existing customer
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
29 June 2023
ETHERNITY NETWORKS LTD.
("Ethernity" or the "Company")
$1.5m order received from existing fixed wireless customer
· Deliveries will commence immediately and payments are scheduled to be received in stages, with the last payment due by the end of the third quarter of 2023
Ethernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, is pleased to announce that it has received a purchase order for $1.5m from its existing fixed wireless customer (the "Customer"), to supply the Company's data processing system-on-chip ("SoC"), in staged deliveries during the third quarter of 2023. The payments for the deliveries are to be received in stages with last payment due by the end of the third quarter of 2023 and therefore contribute towards the Company's revenue targets for 2023.
Ethernity has provided the Customer with its unique silicon-tuned software which, thanks to the efficiency of the data processing SoC's design, fits into low-cost FPGAs. Working in concert with the Customer's radio technology in its tower-installed base nodes, the Ethernity SoC provides advanced networking functions, traffic control, and management for hundreds of homes via the ENET SoC.
David Levi, CEO of Ethernity Networks, commented: "The support we have provided to this customer over the past seven years has not only led to this expansion of their business, but also to ongoing development toward a second-generation FWA base station node. There is clearly significant value in our collaboration with our customers, as demonstrated by this order."
For further information, please contact:
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Ethernity Networks Ltd |
Tel: +972 8 915 0392 |
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David Levi, Chief Executive Officer |
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Mark Reichenberg, Chief Financial Officer
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Allenby Capital Limited (Nominated Adviser and Joint Broker) |
Tel: +44 (0)20 3328 5656 |
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James Reeve / Piers Shimwell (Corporate Finance) Amrit Nahal (Sales and Corporate Broking)
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Peterhouse Capital Limited (Joint Broker) |
Tel: +44 (0)20 7562 0930 |
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Lucy Williams / Duncan Vasey / Eran Zucker
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About Ethernity ( www.ethernitynet.com )
Ethernity Networks (AIM: ENET.L OTCQB: ENETF) provides innovative, comprehensive networking and security solutions on programmable hardware that increase telco/cloud network infrastructure capacity. Ethernity's semiconductor logic offers data processing functionality for different networking applications, innovative patented wireless access technology, and fibre access media controllers, all equipped with control software with a rich set of networking features. Ethernity's solutions quickly adapt to customers' changing needs, improving time-to-market, and facilitating the deployment of 5G over wireless and fibre infrastructure.
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