Business
FPGA SoC contracts update
FPGA SoC contracts update.
About this update from Ethernity Networks Ltd.
[{"type":"text","content":"\n\n9 August 2023\nETHERNITY NETWORKS LTD.\n(\"Ethernity\" or the \"Company\")\n \nFPGA SoC contracts update\n \nEthernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, is pleased to provide an update on two contracts previously announced on 12 October 2021, for a wireless backhaul solution, and 16 November 2022, for a broadband wireless access solution (the \"Contracts\"). The Contracts have a combined value of $740,000.\n \nAs previously announced, the Company has experienced delays in various existing customer contracts and these delays have included the two Contracts. The Company has completed the development of the field programmable gate array (\"FPGA\") data processing unit (\"DPU\") firmware for each Contract in preparation for receipt of the required prototype hardware from the respective customers so that the FPGA's DPU firmware can be integrated into the customers' products. However, to date the customers have been unable to deliver the required hardware to the Company.\n \nThe Company has now been notified by the two customers that they intend to deliver their prototype hardware during Q4 2023. Once delivery of the hardware has taken place, the Company will be able to complete the Contracts and invoice for the remaining balance, which equates to approximately $550,000 in total. Subject to receiving the hardware from the Customers in the anticipated timeframe, the Contracts are expected to be fulfilled during Q4 2023 and Q1 2024.\n \nDavid Levi, CEO of Ethernity Networks, commented: \"The completion of these two contracts will demonstrate the Company's ongoing success in providing unique telecommunications networking technology on low-cost FPGA and the value that Ethernity's DPU technology provides for vendors who seek to deliver a differentiated networking solution.\"\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\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 (Jo...