(TheNewswire)
Toronto, ON / T heNewswire / June 4, 2024 / NTG Clarity Networks Inc.(TSX.V:NCI, OTC: NYWKD); NTG Clarity is pleasedto announce that it has received new purchase orders (POs) andcontracts for a total of $4.3M CAD in new work and renewals forexisting customers in the Financial and Telecom sectors.
These POs and contracts represent an expansion ofNTG’s business 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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$3.3M in POs and contracts for new work:
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$1.45M contract for a software infrastructureenhancement project for one year for an existing customer in theFinancial sector at a gross margin of approximately 41%
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$1M estimated frame agreement to provide onsite andoffshore professional services for 2024 for an existing customer inthe Financial sector at a gross margin of approximately 38%
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$450K in POs to provide onsite professional servicesfor one year for an existing customer in the Financial sector
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$165K in POs to provide onsite professional servicesfor one year for an existing customer in the Financial sector
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$150K in POs to provide onsite professional servicesfor one year for an existing customer in the IT sector
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$91K in POs to provide NTGapps license andcustomization for an existing customer in the Financialsector
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$1M in renewals:
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$721K in POs to provide onsite professional servicesfor one year for an existing customer in the Financial sector
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$176K in POs to provide onsite professional servicesfor one year for an existing customer in the Financial sector
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$120K in POs to provide NTG Asset Management softwarelicense and support for an existing customer in the Telecomsector
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$28K in POs to provide NTGapps support andcustomization for an existing customer in the Telecom sector
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$23K in POs to provide NTGapps support andcustomization for an existing customer in the Telecom sector
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Especially noteworthy are the two large contracts withMiddle Eastern financial institutions. As a part of Saudi Arabia’sVision 2030 economic development plan, the kingdom is investingheavily in becoming the region’s financial hub. Projects to enhancedigital infrastructure are becoming larger and more frequent to ensure software systemsare adequate for the growth that the country is seeing.
"It’s incredible to see two of our largefinancial services customers sign contracts for projects and resourcesto help enhance their digital infrastructure,” said Adam Zaghloul,Vice President, Strategy & Planning of NTG Clarity. “We lookforward to more projects like this in the future as the regioncontinues to prioritize digital transformation.”
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 700 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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