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Ethernity Networks Ltd. provided an update on September 2, 2024, regarding its $1.05 million aerospace contract with a Tier 1 US-based aerospace system products provider, originally announced on June 28, 2024. The Company has delivered initial project milestones for this contract. The project remains contingent upon U.S. government approval, which will trigger an immediate payment of 40% of the contract value upon receipt.
| Date | 2 Sept 2024 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 4164C |
2 September 2024
ETHERNITY NETWORKS LTD.
("Ethernity" or the "Company")
Update re. $1.05m Aerospace contract
Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, provides an update on the $1.05m contract signed with a Tier 1 US-based aerospace system products provider (the "Customer"), details of which were announced on 28 June 2024.
As previously announced, the $1.05m licensing deal with the Tier 1 US aerospace vendor involves Ethernity delivering its silicon-tuned software to enable specific networking functionalities on the Customer's unique platform. The project remains contingent upon the U.S. government approval as is customary for such aerospace initiatives.
Whilst there has been an unforeseen delay in the U.S. Government approval process, both the Company and the Customer remain confident in its imminent approval. In anticipation of this, the Company has already delivered the initial project milestones, as the respective deliverables are an inherent part of Ethernity's UEP Switch/Router offering and do not require special development. As a result, once the U.S. Government approval has been obtained, it will trigger an immediate payment of 40% of the contract value.
Moreover, Ethernity's technical teams have been diligently collaborating to train and familiarize the Customer's personnel with the Company's technology, ensuring their readiness to further expedite the development progress once U.S. Government clearance has been granted.
For further information, please contact:
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Ethernity Networks Ltd |
Tel: +972 3 748 9846 |
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David Levi, Chief Executive Officer Ayala Deutsch, 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 / Stefano Aquilino (Sales and Corporate Broking) |
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CMC Markets UK plc (Joint Broker) |
Tel: +44 (0)20 3003 8632 |
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Douglas Crippen |
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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) 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 Broadband Networks.