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NTG Announces Work Valued at $5M CAD


Toronto, ON / TNW-Accesswire / July 2, 2024 / NTG Clarity Networks Inc. (TSX.V:NCI, OTC: NYWKD);NTG Clarity is excited to announce that it has received new purchase orders (POs) for a total of $5M CAD in renewals for existing customers in the Financial, Government, and Telecom sectors.


NTG has been a go-to provider of outsourced software development solutions for several of the Middle East’s largest financial institutions, and these POs show a deepening of those relationships. The breakdown of the work is as follows, with all customers in the Middle East:


  • $5M in POs and contracts for renewed work:
    • $4.8M to provide onsite and offshore professional services for 10 months for an existing customer in the Financial sector
    • $136K across two POs to provide onsite and offshore professional services for one year for an existing customer in the Government sector
    • $59K to provide NTGapps product enhancements for three months for an existing customer in the Telecom sector
    • $5K to provide NTGapps product enhancements for an existing customer in the Telecom sector


Following last month’s announcement of two large contracts with Middle Eastern financial institutions, we now have another large financial institution choosing to expand their relationship with NTG as their provider of outsourced software development services. We are continuing to see a trend of financial institutions investing in becoming the region’s financial hub, requiring more and more digital infrastructure.


“It’s amazing that another one of our financial services customers is expanding our engagements to enhance their digital infrastructure,” said Adam Zaghloul, Vice President, Strategy & Planning of NTG Clarity. “With this $4.8M PO, more than 40 professionals will be working onsite and offshore on all aspects of the software development lifecycle.”


As our second quarter comes to a close, we look forward to releasing and discussing the financial results by the exchange’s deadline, as well as reviewing our targets for the year and updating our published figure of unbilled work on hand.


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 700 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: adam@ntgclarity.com


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.