Business
Letter of Intent Signed
Letter of Intent Signed.
About this update from Cyanconnode Holdings Plc
[{"type":"text","content":"\n Cyan Holdings Plc\n23 October 2006\n\n\nPress Release 23 October 2006\n\n Cyan Holdings Plc\n\n ('Cyan' or 'the Group')\n\n\n Cyan Executes Multi-Project Letter of Intent\n\n\n\nCyan Holdings Plc (AIM: CYAN.L), the fabless semiconductor company specialising\nin the development of low power consumption, configurable microcontroller chips\nand world leading software development tools is pleased to announce that it has\nexecuted a Letter of Intent ('LOI') with Chengdu GoldTel Industry Group Limited\n('GoldTel').\n\n\n\nThe LOI sets out the mutual obligations of the parties to collaborate on six\nmajor projects and specifically states the target, initial human resource\nallocation, outline timescale and targets for each project. Precise terms of\nthe LOI are to be held confidential by both parties. The six project areas are:\n\n\n\n• A number of navigation and high volume telecom products\n\n• Retail systems\n\n• Provision of manufacturing resources\n\n• Mutual silicon product representation\n\n• Incorporation of certain GoldTel silicon products into the CyanIDE toolset\n\n• Development of education programmes based on Cyan chips and tools\n\n\n\n\nGoldTel is based in Chengdu and employs more than 1,000 staff. Established in\n1995, GoldTel has achieved excellent growth culminating in sales revenues in\nexcess of $172 million during year ending 2005. GoldTel's product offerings\ninclude telecoms, asset tracking, power industry, silicon products, retail\nsystems etc. with a sales reach extending throughout Asia with 90% in China.\nThe Chengdu College of UESTC is located on GoldTel's Park in Chengdu and\ncurrently has 16,000 students of which 60% are studying software, electronics\nand engineering. Cyan will make available a Chinese version of the CyanIDE\ntoolset to the College. CyanIDE V1.3, which is the current version released,\nalready has Chinese language as an option.\n\n\n\nPaul Johnson, CEO of Cyan, commented: 'The execution of the LOI follows several\nmonths of discussions and presentations during which time Cyan and GoldTel\nshared their plans for new and enhanced product developments. It became clear\nthat both parties had much to gain by establishing a close working relationship\nthat will enable efficient and cost effective sales and development programmes\nresulting in faster time to market and increased s...