Toronto, ON / TNW-Accesswire / June 4, 2024 / NTG Clarity Networks Inc. (TSX.V:NCI, OTC: NYWKD);NTG Clarity is pleased to announce that it has received new purchase orders (POs) and contracts for a total of $4.3M CAD in new work and renewals for existing customers in the Financial and Telecom sectors.

These POs and 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:

• $3.3M in POs and contracts for new work:
  • $1.45M contract for a software infrastructure enhancement project for one year for an existing customer in the Financial sector at a gross margin of approximately 41%
  • $1M estimated frame agreement to provide onsite and offshore professional services for 2024 for an existing customer in the Financial sector at a gross margin of approximately 38%
  • $450K in POs to provide onsite professional services for one year for an existing customer in the Financial sector
  • $165K in POs to provide onsite professional services for one year for an existing customer in the Financial sector
  • $150K in POs to provide onsite professional services for one year for an existing customer in the IT sector
  • $91K in POs to provide NTGapps license and customization for an existing customer in the Financial sector
• $1M in renewals:
  • $721K in POs to provide onsite professional services for one year for an existing customer in the Financial sector
  • $176K in POs to provide onsite professional services for one year for an existing customer in the Financial sector
  • $120K in POs to provide NTG Asset Management software license and support for an existing customer in the Telecom sector
  • $28K in POs to provide NTGapps support and customization for an existing customer in the Telecom sector
  • $23K in POs to provide NTGapps support and customization for an existing customer in the Telecom sector

Especially noteworthy are the two large contracts with Middle Eastern financial institutions. As a part of Saudi Arabia’s Vision 2030 economic development plan, the kingdom is investing heavily in becoming the region’s financial hub. Projects to enhance digital infrastructure are becoming larger and more frequent to ensure software systems are adequate for the growth that the country is seeing.

"It’s incredible to see two of our large financial services customers sign contracts for projects and resources to help enhance their digital infrastructure,” said Adam Zaghloul, Vice President, Strategy & Planning of NTG Clarity. “We look forward to more projects like this in the future as the region continues to prioritize digital transformation.”

 

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.