Business
Clarification to fibre controller business update
Clarification to fibre controller business update.
About this update from Ethernity Networks Ltd.
[{"type":"text","content":"\n\n8 June 2023\nETHERNITY NETWORKS LTD.\n(\"Ethernity\" or the \"Company\")\n \nClarification to Fibre controller business update\n \nEthernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, announces, further to the Company's announcement on 6 June 2023, the following clarification.\n \nOf the $7.6 million contracts announced on 18 October 2021 and 20 September 2022, the Company anticipated that c. $4.2 million would be recognised in 2023, with the balance being recognised in 2024. As the Company has now secured the supply of the components required to fulfil certain deliveries under these contracts, the Directors of Ethernity are confident that $3.3 million of the $4.2 million can be recognised under the contracts in 2023. Subject to securing the necessary components during the second half of 2023, the Company still expects to be able to recognise the balance of the $4.2 million of revenue under these contracts in 2023. This will largely contribute to the targeted $9 million in revenues for 2023 which, as announced on 11 May 2023, the Directors believe is achievable, planned from a variety of revenue streams from current contracts and other anticipated engagements, including design kit, licenses, royalties and UEP link bonding technology and associated software.\n \nFor further information, please contact:\n \n\n\n\nEthernity Networks Ltd\n\n\nTel: +972 8 915 0392\n\n\n\n\nDavid Levi, Chief Executive Officer\n\n\n\n\n\n\n\nMark Reichenberg, Chief Financial Officer\n \n\n\n\n\n\n\n\nAllenby Capital Limited (Nominated Adviser and Joint Broker)\n\n\nTel: +44 (0)20 3328 5656\n\n\n\n\nJames Reeve / Piers Shimwell (Corporate Finance)\nAmrit Nahal / Stefano Aquilino (Sales and Corporate Broking)\n \n\n\n\n\n\n\n\nPeterhouse Capital Limited (Joint Broker)\n\n\nTel: +44 (0)20 7562 0930\n\n\n\n\nLucy Williams / Duncan Vasey / Eran Zucker\n \n\n\n\n\n\n\n \nAbout Ethernity ( www.ethernitynet.com )\nEthernity Networks (AIM: ENET.L OTCQB: ENETF) provides innovative, comprehensive networking and security solutions on programmable hardware that increase telco/cloud network infrastructure capacity. Ethernity's semiconductor logic offers data processing functionality for different networking applications, innovative pa...