20th May 2015 07:16
LONDON (Alliance News) - Cyan Holdings PLC Wednesday said it has received a letter of intent from Egypt-based El Sewedy Electrometer Group EMG to supply its CyLec smart metering product for a contract El Swedey has won in Western Africa.
The letter of intent says El Sewedy intends to appoint Cyan to provide the smart metering products for up to 200,000 customers over three years, a deal worth up to USD3 million to Cyan.
Cyan is to start working towards signing a contractual order for El Sewedy, though it noted the letter of intent does not guarantee the terms or timing of any agreement, nor provide any certainty that a contract will be signed.
"This is a substantial commercial opportunity for Cyan which also could accelerate entry into other key countries using El Sewedy as a channel to market to their existing and new customers," said Cyan Executive Chairman John Cronin.
Cyan shares were up 17% to 0.28 pence on Wednesday morning, one of the best performers in the AIM All-Share index in early trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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