Ethernity Networks Ltd Conclusion of TSP process
January 31 2024 - 2:00AM
RNS Regulatory News
RNS Number : 4280B
Ethernity Networks Ltd
31 January 2024
31 January 2024
ETHERNITY NETWORKS
LTD
("Ethernity" or the
"Company")
Conclusion of TSP
process
Ethernity Networks Ltd (AIM: ENET.L;
OTCMKTS: ENETF), a leading supplier of networking processing
semiconductor technology ported on field programmable gate arrays
("FPGAs") for virtualised
networking appliances is pleased to announce the formal conclusion
of the temporary suspension of proceedings ("TSP") process.
On 20 December 2023, the Company
announced that the Court in Lod ("Court") granted an extension to the TSP
process until 30 January 2024. The Commissioner of Insolvency and Economic Rehabilitation
Proceedings, operating under the
governmental Office of Justice, has submitted its approval of the
Settlement Proposal (details of which were announced on 11 January
2024) to the Court and waived the need to hold a Court hearing.
Therefore, the Company now anticipates that the Court will submit
its formal approval of the Settlement Proposal during the first two
weeks of February. Notwithstanding this, it is not considered
necessary to seek a further extension to the TSP and therefore the
Company is pleased to announce that it has formally exited the TSP
process with effect from today.
During the TSP process, the Company
continued to serve its existing customers and secure contracts that
will bring in additional revenue during the coming years. The
Company's new business pipeline and engagement with potential new
OEMs is based on its leading programmable Universal Edge Platform
("UEP") product range. This
ranges from a pure carrier ethernet switch platform equipped with
security functions, towards a carrier ethernet with the Company's
patented L1 bonding, up to a remote optical line terminal offering
that captures the Company's carrier ethernet technology and the
Company's fiber media access controller integrated into a single
programmable silicon device to capture different telecom access
deployments with single programmable hardware.
David Levi, CEO, commented: "We
are delighted for the Company to be able to conclude the TSP
process. We exit the TSP on a far stronger financial footing than
when we entered, thanks to the encouraging customer contracts and
the fundraise we undertook in December. Ethernity is well
positioned for further growth and to capitalise on its market
leading solutions. I would like to thank our customers, suppliers,
shareholders and employees for their ongoing support of the
business and look forward to 2024 with confidence."
For
further information, please contact:
Ethernity Networks
Ltd
|
Tel: +972 3
748 9846
|
David Levi,
Chief Executive Officer
|
|
|
|
Allenby Capital
Limited (Nominated Adviser and Joint
Broker)
|
Tel: +44
(0)20 3328 5656
|
James Reeve
/ Piers Shimwell (Corporate Finance)
Amrit Nahal
/ Stefano Aquilino (Sales and Corporate Broking)
|
|
Peterhouse Capital
Limited (Joint Broker)
|
Tel: +44
(0)20 7562 0930
|
Lucy
Williams / Duncan Vasey / Eran Zucker
|
|
|
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