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On 10 September 2024, Ethernity Networks Ltd announced that the U.S. Government has approved it as a supplier for an aerospace project. This project is part of a previously disclosed $1.05 million contract with a Tier 1 U.S.-based aerospace system products provider. The approval triggers immediate payment of 40% of the contract value for milestones already delivered by Ethernity.
| Date | 10 Sept 2024 |
| Time | 10:26:44 |
| Category | Miscellaneous |
| ID | 5838D |
10 September 2024
ETHERNITY NETWORKS LTD
("Ethernity" or the "Company")
U.S. Government Approves Ethernity as a Supplier for Aerospace Project
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 U.S.-based aerospace system products provider (the "Customer").
As previously disclosed, the $1.05m licensing deal with the Tier-1 U.S. aerospace vendor involves Ethernity delivering its silicon-tuned software to enable specific networking functionalities on the Customer's unique platform. As is customary for similar aerospace initiatives, the U.S. Government reviews and approves foreign suppliers who are delivering IP to such projects. We are now happy to update that the project has been granted U.S. Government approval, and will shortly move to the implementation phase, triggering immediate payment in respect of the milestones that have already been delivered by the Company, representing 40% of the contract value.
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.