Chairman John Read has picked up the colours and marched into the vanguard of a battle to revive the fortunes of Cambridge-based integrated system design company Cyan.

Cyan has just raised £1.7m survival capital and says it can now pursue opportunities for business in the Indian lighting market.

The UK company delivers mesh based flexible wireless solutions for lighting control, utility metering and industrial telemetry.

Read said his elevation was an interim measure and the company would provide  an update on the ongoing board composition “at the appropriate time.”

The London share price has bottomed out at 0.46p but Read is hoping his show of faith will be reflected in investor sentiment.

He said: “We thank Kenn for his dedicated effort over the last eight years and are extremely proud of what he has achieved in turning the business into one of the leading integrated system design companies.

“We are looking forward to the future and further developing the business as we are now beginning to see substantial traction from all of the effort that Kenn and the team have put in.

“The balance sheet has been strengthened considerably from the proceeds of the recent placing and I look forward to the future growth of the business.”