Cyan Holdings (AIM:CYAN) - Improving potential
AimZine microcap comment
Investors in Smart Metering specialist, Cyan Holdings (AIM:CYAN), will have been pleased with newsflow this week. Firstly, on Monday the Company announced a new £0.5 million contract in India and on the same day broker, Cantor Fitzgerald, issued a note with a buy recommendation and target price of 1.0 pence, which compares to a price of 0.185 pence at the time of writing. Then on Wednesday Cyan announced to the market that it was entering the Chinese smart metering market and had signed a partnership agreement with a large Chinese solutions provider.
We spoke to Cyan's Executive Chairman, John Cronin and CFO, Simon Smith about these this week's developments.
Indian Contracts
On Monday 30th November Cyan announced that it had received a purchase order from Enzen Global Solutions Pvt Ltd (“Enzen”) for a commercial smart metering implementation for Paschimanchal Vidyut Vitran Nigam Limited (“PVVNL”) in Uttar Pradesh, India. CYAN is contracted to provide over 13,000 smart meters and associated hardware and software. Also Cyan’s head end software will be provided as a managed service hosted by Cyan and charged on a per meter…
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