28 June 2024
ETHERNITY NETWORKS
LTD.
("Ethernity" or the "Company")
Contract
win
Ethernity Networks Secures
$1.05 Million License Contract with a new Tier 1 US Aerospace
OEM
Ethernity Networks (AIM: ENET.L;
OTCMKTS: ENETF), a leading supplier of data processing
semiconductor technology for networking appliances, announces that
it has secured a license agreement ("Agreement") with a new Tier 1 US-based
aerospace system products provider (the "Customer").
Highlights:
· Value:
$1.05 million total license fees, with majority of delivery
expected to be completed during H2 2024;
· the Agreement will utilise Ethernity Networks' silicon-tuned
software supporting specific networking capabilities on a
Field-Programmable Gate Array ("FPGA") device for the Customer's
platform.
The Agreement with a Tier 1 US
aerospace leader marks a significant win for Ethernity Networks,
demonstrating Ethernity leadership. Under the Agreement, Ethernity
will deliver its silicon-tuned software, enabling specific
networking functionalities on an FPGA device for the Customer's
unique platform. The Agreement represents a total license fee of
$1.05 million. The Directors of Ethernity also believe that
collaboration with this Tier 1 Customer presents the potential for
further discussions in H2 2024 and 2025 to address the Customer's
evolving needs, potentially expanding the deal value in the coming
years.
The implementation of the project
and tight collaboration with the Customer for the development of
their product, which is based on the ENET Data Flow Processor, is
conditional on approval from the U.S. Government, as is customary
for U.S. Aerospace projects. This approval is estimated to be
granted no later than August 2024. An equivalent approval was
previously granted to a different US Aerospace customer of
Ethernity.
"We are excited to partner with this
prestigious aerospace Customer to empower their next-generation
solutions." said David Levi, CEO of Ethernity Networks. "We are
committed to delivering exceptional value and exceeding their
expectations throughout this collaboration."
For
further information, please contact:
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Ethernity Networks Ltd
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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)
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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)
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Tel: +44 (0)20 3003 8632
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Douglas Crippen
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Peterhouse Capital Limited (Joint Broker)
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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.