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NTG Corporate Update and New POs Valued at Approx. $1Million CAD
Toronto, ON / TNW-Accesswire / March 24, 2022 / NTG Clarity Networks Inc. (TSX.V:NCI);NTG Clarity is pleased to announce a corporate update and that it has received ten purchase orders (POs) from new and existing customers in the Middle East. Five of the POs are against previously announced Frame Agreements.
As of the publishing of this release, NTG has a backlog of $10.38 Million CAD of unbilled amounts in POs on hand to be completed in 2022. This is in addition to already invoiced amounts in January and February. This put us in a healthy position to continue our profitability going forward and contributes to the growth of our organization. Additionally, we are expecting to renew several contracts with major customers that are coming up for renewal within the next six months.
We have recently received the following POs:
- 3 POs worth $577K CAD against the $3.5M, one-year renewable Framework Agreement announced January 11, 2022. These are for outsource and offshore resources with a leading bank in the Gulf Region.
- A PO worth $235K CAD to provide annual product support services for our NTS software installed at a major telecom operator in the Middle East.
- 2 POs worth $132K CAD to provide technical resources to a multinational system integrator.
- 2 POs worth $22K CAD to provide professional services to a new customer in the medical sector in the Middle East. The work starts immediately and is expected to be completed in 2 months.
- A PO worth $10K CAD to provide an offshore resource to an existing customer in the transportation sector. The work starts immediately and is expected to be completed in 2 months.
- 2 POs worth $29K CAD to provide professional services to an existing customer in the telecom sector in the Middle East. The work starts immediately and is expected to be completed in 2 months.
In response to these POs and the general increase in demand for our services, we continue to strengthen and expand our Egypt Offshoring Centre in order to position ourselves as a leading provider of offshore services across many different industry sectors.
In February 2022, we participated in Mobile World Congress (MWC) in Barcelona Spain. The conference gave us a chance to present our outsource and offshore services – as well as our previously announced digital toolbox software product (NTGapps) – to prospective customers and channel partners. We are following up on these opportunities and are looking forward to marketing NTG’s services and products to a wider audience.
Our offerings are gaining a lot of recognition from our customers for being tier-1 and top quality while also being competitively priced. This recognition is translating into new business, and we are proud that many of our new customers come from referrals and strong recommendations from our existing customers who praise the quality of our products and services.
Finally, we are on track to publish our audited 2021 financial statements by the required deadline of May 2, 2022.
About NTG Clarity Networks Inc.
NTG Clarity Networks’ vision is to be a global leader in providing networking solutions. As a Canadian company established in 1992, NTG Clarity has delivered networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 350 network professionals provide design, engineering, implementation, software development and security expertise to the industry’s leading network service providers and 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For Further Information:
Kristine Lewis, President, NTG Clarity Networks Inc.