Toronto, ON – TheNewswire - August 6, 2024 - NTG Clarity Networks Inc. (TSX.V:NCI, OTC: NYWKF) - NTG Clarity is excited to follow up its strong second quarter results by announcing that it has received new orders for a total of $8.5M CAD in new work and renewals from new and existing customers in the Financial, Government, IT, and Telecom sectors.

 

Especially noteworthy in these orders is a three-year project to provide resources to a large system integrator. As the trend of rapid digital transformation continues across the Middle East, NTG is continuing to win work from others in the IT space who recognize our ability to mobilize large teams of experienced professionals quickly and at a competitive price. The breakdown of the work is as follows, with all customers in the Middle East:

 

• $7.5M for new work on a three-year project to provide onsite resources to a new customer, a large system integrator (the growth margin for this project is estimated to be 41%): 

  • We have received the PO for the first year for $2.27M, and we will receive two other POs in one year and two years from now 

• $690K across multiple POs to provide onsite and offshore resources for existing customers in the Government and Financial sectors 

• $370K to provide customization of our NTGapps platform for an existing customer in the Telecom sector 

 

“It’s very exciting that another large system integrator is awarding a large three-year project to NTG,” said Adam Zaghloul, Vice President, Strategy & Planning of NTG Clarity. “With this $7.5M multi-year project, NTG is expanding its major customers base and taking advantage of the rapid growth in the IT sector in the Middle East.”

 

With the announcement of our second quarter results last week, this exciting news, as well as consideration of other contracts in their final stages of negotiations, we are reviewing our targets and guidance for the year and expect to be able to release updates in the near future.

  

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.