13 June 2022

ETHERNITY NETWORKS LIMITED

("Ethernity" or the "Company")

UEP Contract Progress Update

Ethernity Networks (AIM: ENET.L), a leading supplier of networking processing semiconductor technology ported on FPGA (field programmable gate array) for virtualised networking appliances, announces an update on the delivery of its contract with an international wireless connectivity vendor for the supply of the Company's UEP module, details of which were announced on 30 July 2021 (the "Contract").

The Company has now delivered the Universal Edge Platform (UEP) module adapted for use in conjunction with a leading OEM wireless backhaul transmission product to the customer, in line with the Contract, following the successful conclusion of the development and prototype testing stages. The Company is now progressing to the production of the remaining UEP modules under the initial committed Contract.

The completed UEP module is a similar design to the Company's forthcoming UEP2025, which is planned to generate additional revenue over and above the initial contracted revenue associated with the Contract. The Company has also completed the development of the UEP2025 and is now moving it to the initial production stage, wherein it will undergo prescheduled testing with potential customers, followed by targeted volume availability in Q4 2022.

The UEP2025 is equipped with the Company's patented wireless link bonding and is targeted to serve as an ideal disaggregated, all-in-one, wireless backhaul Indoor Unit, facilitating 5G infrastructure deployment by offering higher bandwidth transport, faster time to market, and lower cost to deploy.

Ethernity VP R&D Shavit Baruch said: "The move to the manufacture and supply of the UEP module for our OEM customer is a significant achievement. Furthermore, the completion of the integration of the UEP2025 is a significant milestone, opening the doors for deliveries into multiple sectors of the 5G infrastructure market that were previously unavailable to the Company's sales efforts."

About Ethernity Networks

Ethernity Networks (AIM: ENET.L) provides innovative, comprehensive networking and security solutions on programmable hardware for accelerating telco/cloud networks. Ethernity's semiconductor logic offers complete Carrier Ethernet Switch Router data plane processing and control software with a rich set of networking features, robust security, and a wide range of virtual function accelerations to optimize telecommunications networks. Ethernity's complete solutions quickly adapt to customers' changing needs, improving time-to-market, and facilitating the deployment of 5G, edge computing, and NFV.

For more information on Ethernity's products and solutions, please see The Company's website at www.ethernitynet.com.

For further information, please contact: