(TheNewswire)
Toronto, ON / T heNewswire / April 9, 2024 / NTG Clarity NetworksInc. (TSX.V:NCI, OTC: NYWKD); NTG Clarity ispleased to announce that it has received four new purchaseorde rs (POs) andone new contract for a total of $1.8M CAD in new work and renewals fornew and existing customers in the Financial, Government, and Telecomsectors.
These contracts represent an expansion of NTG’sbusiness relationship with several key customers of both ouroutsourced services and software products. The breakdown of the workis as follows, with all customers in the Middle East:
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$690K in new work to provide offshore software QA andtesting services for one year for an existing customer in theFinancial sector, with an expected gross margin of 40%
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$1.1M in renewals:
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$400K to provide offshore professional services forthree months for an existing customer in the Governmentsector
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$300K to provide a renewed license support agreementfor our NTGapps software platform for an existing customer in theTelecom sector
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$230K to provide onsite professional services for oneyear for an existing customer in the Government sector
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$180K to provide onsite professional services for oneyear for an existing customer in the Financial sector
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Especially noteworthy is our new work in softwaretesting as a service. As the Middle East continues its rapid digitaltransformation, software testing and quality assurance services areseeing rapidly increasing demand. NTG’s vast network of softwareprofessionals and our ability to offshore in Egypt, means we can meetthis demand at a competitive price.
“In addition to our software testing services,we’re also excited about our renewed NTGapps license support withour customer in the Telecom sector,” said Adam Zaghloul, VicePresident, Strategy & Planning of NTG Clarity. “This customerhas been with us for over ten years and has recently expanded theirNTGapps implementation to help them with telecom field servicesmanagement.”
NTG’s current work on hand (which includes unbilledPOs as of January 1, 2024, and new POs/contracts received andpreviously announced since then) is approximately $46.3M, the majorityof which is expected to be completed in 2024. This puts NTG in anincreasingly strong position to meet our $50M 2024 revenuetarget.
About NTG Clarity NetworksInc.
NTG Clarity Networks’ vision is to be a global leaderin digital transformation solutions. As a Canadian company establishedin 1992, NTG Clarity has delivered software, networking, and ITsolutions to large enterprises including financial institutions andnetwork service providers. More than 600 IT and network professionalsprovide design, engineering, implementation, software development andsecurity expertise to the industry’s leading enterprises.
Forward Looking Information
Certain statements in this release, other thanstatements of historical fact, are forward looking information thatinvolves various risks and uncertainties. Such statements relating to,among other things, the prospects for the company to enhance operatingresults, are necessarily subject to risks and uncertainties, some ofwhich are significant in scope and nature.
These uncertainties may cause actual results to differfrom information contained herein. There can be no assurance that suchstatements will prove to be accurate. Actual results and future eventscould differ materially from those anticipated in such statements.These and all subsequent written and oral forward-looking statementsare based on the estimates and opinions of the management on the datesthey are made and expressly qualified in their entirety by thisnotice. The Company assumes no obligation to update forward lookingstatements should circumstances or management's estimates or opinionschange.
For Further Information:
Adam Zaghloul, Vice President, Strategy &Planning
NTG Clarity Networks Inc.
Ph: 905-305-1325
Fax: 905-752-0469
Email: adam@ntgclarity.com
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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