Cyan appoints telecoms & smart metering industry expert John Cronin as new Executive Chairman
Cyan Holdings plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control today announces that the internationally recognised telecoms and smart metering industry business leader John Cronin has been appointed as the Company's new Executive Chairman of the Board.
Mr. Cronin was appointed to the Board of Directors of Cyan yesterday as a Non Executive Director and will officially take over the position of Executive Chairman from John Read at the close of the Annual General Meeting on 17 May 2012, at which time John Read will assume the position of Non Executive Director.
Mr. Cronin, who brings a wealth of experience working with global telecoms and software companies, joins the Cyan team at a time when the Company is set for a period of significant growth.
Cyan's CyLec AMI (Advanced Metering Infrastructure) system provides facilities for
- Remote meter reading
- Tamper detailed message and reporting
- Bi directional meter control including remote disconnect, demand control and variable tariffs and pre-payment profiles
- Interoperability between meter vendors
- Integration with existing enterprise Meter Data Management systems.
"We are very pleased that John has accepted the Executive Chairmanship of the Company," said John Read current Executive Chairman. "He will play an important role in further developing Cyan's strategy during this time of expansion and growth. He has broad experience in smart metering having helped set up the consortium of Arqiva, BT and Detica, as well as integrating National Grid Wireless into Arqiva. This, combined with his experience in software and communications leadership positions, means he will be a great asset as we continue to develop innovative products for the electricity, lighting, energy and machine-to-machine markets."
John Cronin, incoming Executive Chairman commented, "I am excited to be joining Cyan at a time when loss of electricity revenues is becoming the principal challenge to utilities providers' profitability in emerging markets. With the explosion in demand from utility companies for remote tamper detection and reporting and the need for differentiated products, the opportunity for software managed wireless solutions is huge.
"Cyan's strategy of focusing on the economics of the networks and automating management tasks will be a key contributor to our customers' profitable deployment of new interoperable services. I look forward to working with the Cyan team, supporting the continuing growth in customer opportunities and partner relationships."
According to a report by Zpryme Research & Consulting the Indian government alone is expected to spend $11 billion to reduce line losses to less than 15 percent in five years in urban and high-density areas. One-fifth of those funds are expected to be dedicated to using IT at state-run companies.
Mr. Cronin has been instrumental in several key sector mergers and acquisition worldwide, raising equity, debt facility and vendor financing funds. He has a track record of creating significant value for shareholders with four significant company exits at Azure Solutions, i2, Netsource Europe and Picochip (a FemtoCell company) totalling over US$600M.
Mr. Cronin's contribution to the communications and technology industries includes holding past and present posts of Chairman, CEO, NED, employee and adviser to GCI Com, Antenova, Aria networks, Picochip, Arqiva, Azure Solutions, Subex, i2, Cambridge Networks, Kast, Netsource, Next2Friends, Bailey Fisher, BT, Mercury (C&W) and adviser to several private equity and VC firms.
Save as disclosed below, there is no further information in respect of John Cronin's appointment required to be disclosed pursuant to paragraph (g) of Schedule 2 to the AIM Rules for Companies.
Mr. John James Cronin aged 56 currently holds the following directorships:GCI Telecom Group Limited
Aria Networks Limited
Cronin Business Solutions Ltd
Mr. Cronin has held the following directorships in the last five years:
Subex (UK) Ltd
Cambridge Broadband Networks Ltd
Mr. Cronin does not currently hold any shares in, or options over shares in, the capital of the Company. However, the Company has agreed to match any shares that John Cronin buys in the Company up to a maximum of 0.25% of the Company's issued share capital. In addition, he has agreed to receive part of his salary in ordinary shares to be issued each month based on the closing price of shares on the first business day of the month. This sum will represent an annualised figure of £14,400.
|Cyan Holdings plc||www.cyantechnology.com|
|John Read, Exec Chairman||Tel: +44 (0) 1954 234 400|
|Cenkos Securities plc
NOMAD and Joint Broker
|Stephen Keys / Adrian Hargrave||Tel: +44 (0) 20 7397 8900|
|XCAP Securities plc
|Tel: +44 (0) 20 7101 7070|
|Adam Reynolds / Guy McDougall/ Caroline Evans-Jones||Tel: +44(0) 20 7653 9842|