Cyan Holdings plc

Cyan Holdings plc

November 14, 2005 02:05 ET

Cyan Announces Intention to Float on AIM

LONDON, UNITED KINGDOM--(CCNMatthews - Nov. 14, 2005) - Cyan Holdings plc ("Cyan" or "the Company"), the fabless semiconductor company specialising in the development of low powered, configurable microcontroller chips, today announces its intention to seek admission of its ordinary shares to trading on the Alternative Investment Market ("AIM") of the London Stock Exchange. Collins Stewart is acting as Nominated Adviser and Broker to Cyan. Dealings are expected to commence on AIM on 5th December 2005.

Cyan is an electronics company which specialises in the design, sale and support of a range of 16-bit and 32-bit general-purpose low power microcontroller chips ("MCUs"). These chips are integral components used in nearly all electronic products, ranging from mobile phones and washing machines to toys, televisions and motorcars. Consumer entertainment markets require more powerful processors and are usually based on 32-bit chips which Cyan is developing to serve this market segment. Cyan is based in Cambridge, UK and, since it operates in a worldwide market for microcontrollers, has identified Europe and South East Asia as the largest markets for its products. As such, Cyan opened a sales and technical support office in Hong Kong in May 2005.

Originally Cyan was a spin out from Cambridge Consultants Limited to use its 16-bit core, the same core used in CSR's first Bluetooth chips. Since Cyan was founded in 2002, it has achieved 75 design wins for its initial eCOG1®k product and is expanding the range of the patent-protected eCOG1® family.

The Company has introduced design integration support software, CyanIDE®, to support the Company's entire range of current and future microcontrollers. The software makes chip integration into customers' products vastly more simple, quick, reliable and hence less expensive while dramatically reducing development time. Although the Directors believe Cyan's range of MCUs to be competitive, they especially regard the Company's proprietary design integration software, CyanIDE®, to be a key factor in the Company's success. Cyan created CyanIDE® to avoid relying on standard tools from third party suppliers.

Paul Johnson, CEO of Cyan, said: "Cyan has pioneered the idea of an integrated development of software support tools with the design of the microprocessor unit. We have developed a software development tool, CyanIDE® that automatically writes the difficult but necessary configuration software, perfectly matched to the product range it supports.

"Cyan is a fabless semiconductor company meaning that chip manufacture, assembly, testing and shipping is completely outsourced, eliminating the need for manufacturing capital costs. Therefore we can enjoy very low capital intensity."

Paul Johnson, the founding director and CEO of Cyan, gained a Ph.D in Electronics from Bradford University. His industrial career started at Cambridge Consultants Limited where he primarily worked on high-speed analogue to digital converters, sonar and imaging systems. Paul went on to found one of the first Cambridge companies involved in personal computing in the early 1980s.

Dr John Read will join Cyan Technology as non-executive upon admission to AIM. John brings a wealth of experience to Cyan, with a career spanning 30 years in the semiconductor industry. He began as Director of Engineering in 1973 with US-based Honeywell Solid State Centre and has since held senior positions at Texas Instruments, STC Telecommunications, Marconi and latterly as Joint President at GPS Plessey Semiconductors.

Professor Mike Hughes, Chairman of Cyan, previously of GEC and CEO of Midlands Electricity PLC, commented on John's appointment: "I am extremely pleased to welcome Dr John Read to the Board. He has considerable experience in the semiconductor industry, start-ups and PLCs which will be invaluable to our strategy. When I joined I was very impressed in general with the expertise and capability of Paul Johnson's team."

Commenting on the decision to float on AIM, Paul Johnson, added: "This is an extremely exciting opportunity for the Company. Having achieved a number of design wins for the first product, the flotation on AIM should provide Cyan with the opportunity to expand its product range and exploit the high-growth semiconductor market in which it operates. We believe our combination of ultra low power flexible microcontrollers and software development toolkit sets Cyan apart."



For further information:

Cyan Holdings plc

Paul Johnson, Chief Executive Officer Tel: +44 (0) 1954 234 400
www.cyantechnology.com

Collins Stewart Limited

Stephen Keys, Corporate Finance Tel: +44 (0) 20 7523 8312
www.collins-stewart.com

Media enquiries:
Abchurch Communications

Heather Salmond / Tania Wild Tel: +44 (0) 20 7398 7700
heather.salmond@abchurch-group.com www.abchurch-group.com


Photography

Photographs of Paul Johnson (Chief Executive Officer) and Andy Lee (Finance Director) are available from Abchurch Communications. To arrange, please contact Dana Thomas on 020 7398 7789 or dana.thomas@abchurch-group.com.

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