REG - Concurrent Tech. - New Contract Wins

Concurrent TechnologiesAnnouncement

06/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240606:nRSF3218Ra&default-theme=true

RNS Number : 3218R  Concurrent Technologies PLC  06 June 2024

 

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.

 

6 June 2024

 

 

Concurrent Technologies Plc

(the "Company" or the "Group")

 

Two new contract wins through recently acquired Phillips Aerospace in the US

 

Concurrent Technologies Plc (AIM: CNC), a designer and manufacturer of
leading-edge computer products, systems and mission critical solutions used in
high-performance markets by some of the world's major OEMs, has secured two
important contracts via the recently acquired Phillips Aerospace. With a total
value of $518k, the products are new offerings directly related to the Group's
stated strategy for providing integrated computer systems.

 

One contract is with a US based defence company to supply a rugged conduction
cooled chassis to host the customer's own Plug-in-Cards. The Company will
undertake the design engineering, production, and testing of the chassis,
representing the Company's first rugged Systems win. The contract combines
Phillips Aerospace expertise in custom avionics systems and Concurrent
Technologies' long-term relationship with the customer. This order is a design
win and follow on orders are expected in the coming years. Additional
contracts and strategic opportunities are also being discussed with the same
customer.

The second contract is to provide 2-slot systems that have been developed over
the last year as part of a roadmap to align designs with the DoD "Sensor Open
Systems Architecture" (SOSA) standard. The customer sells unique software
solutions, and has its own specific computing hardware, but is now targeting
to market a complete hardware and software solution that aligns with the SOSA
standard. The 2-slot system incorporates a Concurrent Technologies' computer
PIC, as well as a rugged GPU provided by its partner, Eizo Rugged,
highlighting the value of the combined Systems and Boards offering. Further
contracts with this customer are expected in the future.

Miles Adcock, CEO of Concurrent Technologies, commented: "These contract wins
reinforce the rationale for acquiring Phillips Aerospace, where we now have a
combined entity that is capable of winning and executing Systems contracts,
such as these, with the potential for material multi-year revenues. We have
the ambition over the next few years to grow our Systems revenue to the same
size as our traditional PICs business and we expect to be able to announce
further deals through the year to support this."

 

 

Enquiries:

 

 Concurrent Technologies Plc

Miles Adcock - CEO

                                          +44 (0)1206 752626
 Kim Garrod - CFO

 Alma Strategic Communications              +44 (0)20 3405 0205

Josh Royston

 Hannah Campbell
 Cavendish Capital Markets Limited (NOMAD)  +44 (0)131 220 9771

Neil McDonald

                                          +44 (0)131 220 9772
 Peter Lynch

 

About Concurrent Technologies Plc

Concurrent Technologies Plc develops and manufactures high-end embedded Plug
In Cards and Systems for use in a wide range of high performance, long life
cycle applications within the telecommunications, defence, security,
telemetry, scientific and aerospace markets, including applications within
extremely harsh environments. The processor products feature
Intel® processors, including the latest generation embedded Intel® Core™
processors, Intel® Xeon® and Intel Atom™ processors.  The products are
designed to be compliant with industry specifications and support many of
today's leading embedded Operating Systems.  The products are sold
world-wide.

For more information on Concurrent Technologies Plc and its products please
visit www.gocct.com (http://www.gocct.com/) .

All trademarks, registered trademarks and trade names used in this
announcement are the property of their respective owners.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTSSAESIELSEEM