Myriad Group announces commercial availability of Thingstream, the world's first global IoT connectivity network built on USSD Messaging

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At today’s Investor Update held at Zurich Airport, // Myriad Group AG (SIX Swiss Exchange: MYRN) formally announces the commercial availability of Thingstream, a new Internet of Things (IoT) proposition. The Company also provides an update on the progress made with the launch of its new platform-as-a-service (PaaS) proposition, Connect Hub. The full presentation for today’s event will be published on our // website following the completion of the meeting.

Introducing Thingstream

// Thingstream is a global machine-to-machine (M2M) connectivity proposition that delivers ubiquity, security and better connectivity for IoT applications via the world's first global IoT connectivity platform.

The platform offers a broad range of IoT applications; ideally suited to devices which are in motion, are in remote locations or need to be secure before connected to the cloud. Thingstream’s solution leverages Unstructured Supplementary Service Data (USSD) via Thingstream’s global roaming M2M SIM.

The platform’s innovative status has already been recognised, receiving the // 2017 IoT Evolution Product of the Year Award.

Thingstream’s technology is being applied to multiple vertical sectors including; asset tracking, logistics/supply chain, facilities management, energy and environmental monitoring. The company is working on a number of opportunities and partnerships, with the aim of increasing access to IoT connectivity.

Neil Hamilton, VP of Business Development at Myriad explains: “Today IoT options for industrial applications are too complex, expensive and fail to offer the required level of secure connectivity. To date, a typical solution for asset tracking typically involves cellular data, this by default requires not just a suitable roaming carrier partner who can match the enterprise’s footprint, but also means a device needs to support TCP/IP in order to communicate. Our connectivity approach is to remove the ‘internet’ aspect whilst still allowing small, secure payloads to be delivered to the cloud environment. Thingstream leverages USSD messaging, which not only removes complexities around carrier roaming but, importantly reduces the processing and power consumption required by the transmitting device itself.”

“The use and global availability of USSD technology makes it the ideal small data transport for remote control IoT applications” continues Hamilton. “We want to enable simple, secure connections for industrial IoT applications with Thingstream, addressing both technical and commercial challenges associated with connecting remote, moving and roaming devices to networks.”

Connect Hub update

Connect Hub, the platform-as-a-service proposition is now ready for pilot services. Active technical trials with Mobile Network Operators have begun in Kenya and Namibia, with South Africa to follow shortly. We have completed integration with a mobile payment application for out-of-band authentication, which is expected to launch its service by the end of 2017. In parallel we continue to supplement our go-to-market strategy by signing agreements with five partners during the first half of 2017. Once we move beyond pilot stage with initial customers, this network will continue to grow and will enable our enterprise services to scale more quickly as we head into 2018.

General Outlook

As we announced with our interim financial results, and to ensure full visibility for our shareholders considering participation in the proposed capital increase, the Board of Directors reiterates that it is continuing to evaluate delisting the company from SIX Swiss Exchange. The Board intends to review the situation following the completion of the rights issue and draw conclusions before the end of 2017.

The additional cash we are expected to secure following the proposed capital increase will be used to support the launch of Thingstream and to further realise market opportunities for Connect Hub in our target markets. We expect the Company will produce stable revenues in 2017.

As we look towards the future we expect revenue from our existing products and services in Device and Connect Core to continue their downward trends. In 2018, we expect that decline to be compensated by revenue from our new propositions, Connect Hub and Thingstream. These new propositions will build a recurring revenue base over 2018 as our customers begin deploying their systems in the field. Based on our current projections, in 2019 we would expect to see growth in the Group’s revenue, as we start to see the benefit of the ramping effect of new customer deployments from Thingstream and Connect Hub.
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