(TheNewswire)
Toronto, ON / TheNewswire / August 29, 2024 / NTG Clarity Networks Inc. (TSX.V:NCI, OTC: NYWKF); NTG Clarity is thrilled to announce that on August 28th, it signed a new three-year contract for a total of $53M CAD in new work. This is the largest-ever contract in NTG’s history, with a gross margin of approximately 37%
The contract is to provide offshore digital transformation services for an existing customer in the Government sector in the Middle East, based out of our Egypt Offshore Centre. Work will begin on September 1st and will ramp up to full capacity by the end of the year. Our team is already well underway with internal and external recruiting efforts to fill open positions as the contract ramps up.
To support this contract, NTG has also signed a lease to expand its office space for an additional floor in the same building along the Nile in Cairo, originally announced in August 2023. This new office space effectively doubles our work capacity in this building (space for 250 total employees now) and is expected to be operational by November 1st. NTG still has the first right of refusal for leases of other floors in this building, streamlining any future expansion needed.
“It’s incredible to see our contracts continue to grow larger in size and longer in duration with this largest-ever, three-year, $53M contract,” said Adam Zaghloul, Vice President, Strategy & Planning of NTG Clarity. “Our existing customers are consistently satisfied with the quality and pricing of our services and are committing to increasingly larger and longer engagements.”
NTG strives to build close, mutually beneficial partnerships with its customers based on trust, professionalism, flexibility, and transparency. Customers continue to choose NTG because of this focus, as well as our:
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Strong presence in the Egyptian, Middle Eastern, and global markets for over 30 years, with an excellent reputation with its many tier-one enterprise customers
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Extensive pool of experienced and committed professionals: over 700 employed and a network numbering in the thousands
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Hands-on training programs for new graduates and secondary school students preparing them for today’s job market, fully funded by NTG
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Proven, well-documented outsourcing and offshoring model complete with all necessary processes and procedures
Coming out of second quarter, management had expected to update its guidance for 2024 of $50M in revenue with a 10% bottom-line profit margin. This has been delayed due to the dynamic situation around the finalizing of this large contract. Management is still assessing the forecasts for 2024 and beyond and expects to be able to update guidance 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.
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