– UK, Cambridge – Cyan (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control, announces that Paul Ratcliff has been appointed to the Board as a non-executive director to the Company with effect from 01 January 2016.
Paul is a multi-disciplined, entrepreneur with a wealth of practical experience in growing companies’ values. He is well versed in creating shareholder value and growing businesses and has been involved in a number of corporate transactions resulting in premium returns for investors. At present, Paul holds non-executive positions for a number of companies operating in a range of sectors including IT, managed services and software. With strong analytical skills, Paul started his career working in various marketing and product development roles in large corporates before becoming a senior consultant for Coopers & Lybrand, within its London-based business information management practice.
The Board also announces that on 01 January 2016 Peter Mainz will be appointed to Itron’s Board which requires him to stand down from his non-executive director role at Cyan, effective 31 December 2015, due to his fiduciary responsibilities and the US Securities and Exchange Commission rules. Peter will remain a senior advisor and shareholder and continues to be highly supportive of the Company.
John Cronin, Executive Chairman of Cyan, commented: “We are delighted to welcome Paul to the Board. Paul’s wealth of experience, across a number of disciplines, will provide additional complementary skills to the Cyan Board as the business continues to build momentum.
“We are pleased that Peter will remain part of Cyan and help the Company to build on a growing number of opportunities. Peter’s industry knowledge and experience will remain invaluable as we continue to grow the business.”
Paul Ratcliff commented: “Cyan has made significant progress in 2015 with substantial orders, including recurring revenue derived from Cyan’s software and managed services. I am delighted to be joining the Board at this time and look forward to using my experience to continue the evolution of Cyan’s IP/software-based business model to deliver substantial recurring revenue streams and build significant shareholder value.”
Cyan provides a communication platform for energy, lighting and emerging applications in the wider ‘Internet of Things’ network. Its integrated platform and partner collaborations deliver end-to-end solutions that connect millions of devices and support bidirectional communication with the end customer. Cyan’s smart metering and lighting solutions enhance quality of service in emerging regions, through power savings, lower operating costs and increased cost efficiency. Our vision to create improved value through Smart City solutions has provided our customers with the foundation upon which to build incremental services as these markets evolve.
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