Cyan Holdings PLC (AIM: CYAN) said it looked into the new year with confidence, expecting the demand for Cyan based products to increase “potentially significantly” in 2010 after the company that designed Cyan in to its automated metering product was acquired by one of the metering industry’s largest players.
The company also said that two third party companies had adopted its gateway products as part of their product offering, while two similar agreements are currently being negotiated with two others. Cyan is also reviewing its sales forecasts after partner Future Electronics has trade its sales channel and initiated a series of customer visits in multiple countries.
Following “substantial” cost cutting at the end of the year and more funding from shareholders, Cyan said it had the time to wait for anticipated production orders to materialise.
Meanwhile, the company reported further progress, saying it has sold tens of thousands of microcontrollers, thousands of wireless gas meter controllers and hundreds of street light controllers as the number of customers carrying out field trials continued to grow.
Cyan offered an upbeat outlook, saying it has the products, the prospective customers, the funds and partners to “deliver the success” in 2010.