Ethernity Networks gets US govt approval for $1.05m aerospace contract

(Sharecast News) - AIM-listed Ethernity Networks said on Tuesday that it has been granted US government approval for a previously-disclosed $1.05m US aerospace contract. The licensing deal with a Tier-1 US aerospace vendor, which had already been announced, involves Ethernity delivering its silicon-tuned software to enable specific networking functionalities on the customer's unique platform.

"As is customary for similar aerospace initiatives, the US Government reviews and approves foreign suppliers who are delivering IP to such projects," Ethernity explained.

"We are now happy to update that the project has been granted US Government approval, and will shortly move to the implementation phase, triggering immediate payment in respect of the milestones that have already been delivered by the company, representing 40% of the contract value."

At 1410 BST, the shares were up 19.4% at 0.37p.

Ethernity is a supplier of data processing semiconductor technology for networking appliances.