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Toronto, ON / TheNewswire / April 9, 2024 / NTG Clarity Networks Inc. (TSX.V:NCI, OTC: NYWKD); NTG Clarity is pleased to announce that it has received four new purchase orders (POs) and one new contract for a total of $1.8M CAD in new work and renewals for new and existing customers in the Financial, Government, and Telecom sectors.
These contracts represent an expansion of NTG’s business relationship with several key customers of both our outsourced services and software products. The breakdown of the work is as follows, with all customers in the Middle East:
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$690K in new work to provide offshore software QA and testing services for one year for an existing customer in the Financial 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 for three months for an existing customer in the Government sector
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$300K to provide a renewed license support agreement for our NTGapps software platform for an existing customer in the Telecom sector
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$230K to provide onsite professional services for one year for an existing customer in the Government sector
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$180K to provide onsite professional services for one year for an existing customer in the Financial sector
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Especially noteworthy is our new work in software testing as a service. As the Middle East continues its rapid digital transformation, software testing and quality assurance services are seeing rapidly increasing demand. NTG’s vast network of software professionals and our ability to offshore in Egypt, means we can meet this demand at a competitive price.
“In addition to our software testing services, we’re also excited about our renewed NTGapps license support with our customer in the Telecom sector,” said Adam Zaghloul, Vice President, Strategy & Planning of NTG Clarity. “This customer has been with us for over ten years and has recently expanded their NTGapps implementation to help them with telecom field services management.”
NTG’s current work on hand (which includes unbilled POs as of January 1, 2024, and new POs/contracts received and previously announced since then) is approximately $46.3M, the majority of which is expected to be completed in 2024. This puts NTG in an increasingly strong position to meet our $50M 2024 revenue target.
About NTG Clarity Networks Inc.
NTG Clarity Networks’ vision is to be a global leader in digital transformation solutions. As a Canadian company established in 1992, NTG Clarity has delivered software, networking, and IT solutions to large enterprises including financial institutions and network service providers. More than 600 IT and network professionals provide design, engineering, implementation, software development and security expertise to the industry’s leading enterprises.
Forward Looking Information
Certain statements in this release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management’s estimates or opinions change.
For Further Information:
Adam Zaghloul, Vice President, Strategy & Planning
NTG Clarity Networks Inc.
Ph: 905-305-1325
Fax: 905-752-0469
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire – All rights reserved.
COMTEX_450599172/2895/2024-04-09T17:00:40