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NTG Update for Work Valued at Approximately $6.89 Million CAD
Toronto, ON / TNW-Accesswire / January 25, 2023 / NTG Clarity Networks Inc. (TSX.V:NCI);NTG Clarity is pleased to announce that it has received 3 purchase orders (POs), 1 resource Agreement contract and 1 Letter of Intent (LOI). The POs are from existing customers for renewal of services. The resource Agreement is for new resources for a new customer in the Middle East, and the LOI is for an existing customer to renew and expand the provision of technical resources.
The breakdown is approximately as follows (based on conversions to CAD):
- A Letter of Intent (LOI) for a 1-year renewable resource Agreement with an estimated value of $3.5M. NTG will provide technical resources to this existing customer in the banking sector in the Middle East. The estimated cost of delivery is $2.28M.
- A 1-year renewable resource Agreement with an estimated value of $2.8M, to provide resources to this new customer in the financial sector in the Gulf Region. The estimated cost of delivery is $1.76M.
The following business as usual renewals over the last few months:
- A 1-year PO renewal for $400K to provide a technical resource to an existing customer in the finance sector in the Middle East.
- A PO for $171K to provide a technical resource for an existing customer in the banking sector in the Middle East.
- A PO for $20K for an IoT pilot for an existing customer in the telecommunications sector in the Middle East.
The value of these POs/Agreements, added to the estimated $13M CAD of POs on hand at the end of December 2022, brings our backlog to almost $20M CAD in unbilled amounts.
“We are excited to start the new year on a high note with these POs and new work.” said Kristine Lewis, President of NTG Clarity. “Our continued success with our existing customers and the addition of a new customer in the financial sector solidifies our position as a key player in providing products and services to this large potential market. We are committed to upholding our reputation for professionalism and quality of work in delivering innovative solutions to help its clients achieve their business goals.”
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 500 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.
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.