2 September 2024
ETHERNITY NETWORKS
LTD.
("Ethernity" or the "Company")
Update re. $1.05m Aerospace
contract
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 US-based
aerospace system products provider (the "Customer"), details of which were
announced on 28 June 2024.
As previously announced, the $1.05m
licensing deal with the Tier 1 US aerospace vendor involves
Ethernity delivering its silicon-tuned software to enable specific
networking functionalities on the Customer's unique platform. The
project remains contingent upon the U.S. government approval as is
customary for such aerospace initiatives.
Whilst there has been an unforeseen
delay in the U.S. Government approval process, both the Company and
the Customer remain confident in its imminent approval. In
anticipation of this, the Company has already delivered the initial
project milestones, as the respective deliverables are an inherent
part of Ethernity's UEP Switch/Router offering and do not require
special development. As a result, once the U.S. Government approval
has been obtained, it will trigger an immediate payment of 40% of
the contract value.
Moreover, Ethernity's technical
teams have been diligently collaborating to train and familiarize
the Customer's personnel with the Company's technology, ensuring
their readiness to further expedite the development progress once
U.S. Government clearance has been granted.
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.