23rd Oct 2006 07:01
Cyan Holdings Plc23 October 2006 Press Release 23 October 2006 Cyan Holdings Plc ("Cyan" or "the Group") Cyan Executes Multi-Project Letter of Intent Cyan Holdings Plc (AIM: CYAN.L), the fabless semiconductor company specialisingin the development of low power consumption, configurable microcontroller chipsand world leading software development tools is pleased to announce that it hasexecuted a Letter of Intent ("LOI") with Chengdu GoldTel Industry Group Limited("GoldTel"). The LOI sets out the mutual obligations of the parties to collaborate on sixmajor projects and specifically states the target, initial human resourceallocation, outline timescale and targets for each project. Precise terms ofthe LOI are to be held confidential by both parties. The six project areas are: • A number of navigation and high volume telecom products • Retail systems • Provision of manufacturing resources • Mutual silicon product representation • Incorporation of certain GoldTel silicon products into the CyanIDE toolset • Development of education programmes based on Cyan chips and tools GoldTel is based in Chengdu and employs more than 1,000 staff. Established in1995, GoldTel has achieved excellent growth culminating in sales revenues inexcess of $172 million during year ending 2005. GoldTel's product offeringsinclude telecoms, asset tracking, power industry, silicon products, retailsystems etc. with a sales reach extending throughout Asia with 90% in China.The Chengdu College of UESTC is located on GoldTel's Park in Chengdu andcurrently has 16,000 students of which 60% are studying software, electronicsand engineering. Cyan will make available a Chinese version of the CyanIDEtoolset to the College. CyanIDE V1.3, which is the current version released,already has Chinese language as an option. Paul Johnson, CEO of Cyan, commented: "The execution of the LOI follows severalmonths of discussions and presentations during which time Cyan and GoldTelshared their plans for new and enhanced product developments. It became clearthat both parties had much to gain by establishing a close working relationshipthat will enable efficient and cost effective sales and development programmesresulting in faster time to market and increased sales for a broad range ofproducts. This is a significant step for Cyan because for the first time itpositions the Company as a solutions provider. We are delighted to haveformalised our relationship with such a highly reputable, dynamic and versatilecompany as GoldTel, who will be a very effective and additional gateway into themassive and exciting Chinese and Asian markets." Mr Wang of GoldTel, said: "GoldTel is committed to providing our customers withhigh performance, cost effective solutions across our entire range of productofferings and to achieve and maintain this goal we continually search forpartners who are able to add real value to our business. Cyan is such a partnerand we are delighted and excited to have entered into a collaboration that will,we believe, lead to a long and successful commercial relationship for bothparties." - ends - For further information: Cyan Holdings plcPaul Johnson, Chief Executive Officer Tel: +44 (0) 1954 234 400 www.cyantechnology.com Collins Stewart LimitedSimon Atkinson, Corporate Finance Tel: +44 (0) 20 7523 8312 www.collins-stewart.com Media enquiries:Abchurch CommunicationsHeather Salmond / Franziska Bohnke Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to Editors Cyan Holdings plc is a fabless semiconductor company which specialises in thedesign, sale and support of a range of 16-bit and 32-bit general-purpose lowpower, high performance microcontroller chips ("MCUs"). These chips areintegral components used in nearly all electronic products, ranging from mobilephones and washing machines to toys, televisions and motorcars. Consumerentertainment markets require more powerful processors and are usually based on32-bit chips which Cyan is developing to serve this market segment. Cyanoperates in a $14 billion worldwide market for microcontrollers, which is poisedto grow to $20 billion by 2010. Cyan has identified Europe and South East Asiaas the largest markets for its products, and as such aims to have 1% of themicrocontroller market within 5 years. Originally Cyan was a spin out from Cambridge Consultants Limited to use its16-bit core, the same core used in CSR's Bluetooth chips. Since Cyan wasfounded in 2002, it achieved over 100 design wins during 2006 for its initialeCOG1k product and is expanding the range of the patent-protected eCOG1 familyand introducing a new range of 32 bit microcontrollers. Volume shipments on theeCOG1k processor started in 2006 and the eCOG1X family of 30 products will beavailable to ship in volume in Q2 2007. Cyan has already established, through acustomer in China, a significant share of the huge China Tax Control POSTerminal market. Also Cyan has a high volume opportunity with a tier 1 globalbrand name for its new eCOG1X chip. Cyan has introduced design integration support software, CyanIDE, to support theCompany's entire range of current and future microcontrollers. The softwaremakes chip integration into customers' products vastly more simple, quick,reliable and hence less expensive while dramatically reducing time to market forour customers. Cyan created CyanIDE to avoid relying on costly standard toolsfrom third party suppliers. CyanIDE is available free of charge to ourcustomers. The company is headquartered in Cambridge, UK and opened a sales and technicalsupport office in Hong Kong in May 2005 which services the Chinese market. Cyanemploys 42 people. CyanIDE and eCOG are registered trade marks of Cyan Holdings plc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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