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Neul strengthens its Management Team with senior CFO appointment

David Smyth brings uniquely wide-ranging experience and a strong record of success within the telecommunications industry

Cambridge, UK, 7th October 2011 – Neul has today announced the appointment of David Smyth as its Chief Financial Officer (CFO). David joins Neul with over twenty years Telecoms experience in ambitious, high-growth Telecom companies. Having sat on the Boards of London and NASDAQ-listed companies, and spent eleven years building Orange from a start-up into a £25bn group, David's experience makes him the ideal candidate to manage the finances of a young company and support its rapid growth.

David was one of the original senior management team at Orange. He joined the company two years pre-revenue and was responsible for its Strategy, Business Planning and Commercial development through its rapid growth years. Subsequently, as Director of Strategy and Investor Relations at Orange, he added IR to his responsibilities, helping the company through two IPOs and three large debt-funding rounds.

Most recently, David was Group Finance Director for Macro 4 plc (a FTSE listed IT company), where he managed all Finance, IR, HR, and IT activities and orchestrated the sale of the company at a 40% premium.

Between 2006 and 2008, David sat on the Board of Golden Telecom, a rapidly growing NASDAQ-listed Russian Telecom operator, where he was Non-Executive Director and Chairman of the Audit Committee.

David trained as a Chartered Management Accountant at Standard Telephones and Cables, is a Fellow of the Institute and holds a BA (Hons) in Accountancy and an MBA.

Commenting on the new appointment, Neul's CEO James Collier said: "At Neul we pride ourselves on the quality of our management team. We have been expanding our team since Neul was started in 2010, the market is growing, and we knew that this was the time to bring in a CFO with significant knowledge and experience of the industry. David was the natural choice. We look forward to Neul benefiting from the knowledge and skills that David brings."

"This is a very exciting time to be joining the company," added new CFO David Smyth. "Neul is leading the global development of white-space spectrum technology and applications. It is a very exciting and impressive company with huge energy and potential. The similarities with the early years at Orange are clear. I am delighted to be part of the team and look forward to helping the company achieve its huge potential."

About Neul

The name Neul is pronounced like 'fuel' and is from the Gaelic word for 'Cloud'.

Neul was formed in Cambridge, UK in 2010 by a group of entrepreneurs with an impressive track record. The core management team was responsible for building Europe's most successful fabless semiconductor company, CSR.

Neul aims to unify the fragmented world of Machine-to-Machine (M2M) communications, with the world's first white space radio system and a new, open M2M communications standard.

Neul is transforming wireless data communications by slashing the cost of the spectrum, base stations and the terminals needed to set up wide area wireless networks. This will enable our customers to build networks and applications that offer completely new kinds of devices, services and business models.

Neul's grand vision is to bring about a revolution in the way devices and applications communicate. From the predicted 50 billion connected Machine-to-Machine (M2M) devices, through smart metering to local broadband delivery, transportation and beyond , Neul is helping to create 'the internet of everything'.

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Alex Perryman / Andrea Berghäll

EML Wildfire Technology PR

+44 (0) 208 408 8000

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