15th Nov 2013 10:05
LONDON (Alliance News) - Cyan Holdings PLC Friday said an Indian metering order worth over USD1 million that was won in 2012 and then delayed into 2013 has suffered a further delay and will now be delivered in 2014.
The software company which provides software for utility companies and for controlling lighting won the contract from a "major" metering customer in India, but there have since been delays by the Tamil Nadu energy company TNEB in tendering for the broader contract.
"Due to the continued delays in the TNEB tender process, the customer has informed Cyan that their order will be carried forward into the new calendar year and that they are optimistic that they will require delivery in 2014, although this remains contingent on the TNEB tender and their participation therein," Cyan said in a statement.
Cyan Holdings shares were down 8.3% at 0.330 pence Friday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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