Toronto, ON / TheNewswire / March 19, 2024 / NTG Clarity Networks Inc. (TSX.V:NCI, OTC: NYWKF); NTG Clarity is pleased to announce that it has signed two new contracts. These contracts are for $4.5M CAD in new work and renewals for two different departments of the same existing customer in the Financial sector in the Middle East.

 

These contracts are to perform data platform and digital factory work, and this is the third institution for whom we have performed this type of work. Billable work is to begin immediately for both contracts. The breakdown of the work is as follows:

 

• $2.35M in contracts for new work: 

to provide onsite professional services for one year to do digital factory work for an existing customer in the Financial Sector in the Middle East

 

• $2.17M in contracts for renewal work: 

to provide onsite professional services for one year to perform data platform enhancements for an existing customer in the Financial Sector in the Middle East

 

NTG’s current work on hand (which includes unbilled POs as of January 1, 2024, and new POs/contracts received and previously announced since then) is approximately $44.5M, the majority of which is expected to be completed in 2024.

 

“It’s exciting to see another institution decide to work with us to build their digital factory,” said Adam Zaghloul, Vice President – Strategy & Planning of NTG Clarity. “These contracts solidify our path to reaching our ambitious revenue target of $50,000,000 for 2024.”

  

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 600 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.