Toronto, ON / March 12, 2014 / NTG Clarity Networks Inc. (TSX.V:NCI), is pleased to provide shareholders with an update on current operations.
NTG continues to operate at an accelerated pace as we deliver on previously announced contracts and have begun work on several new projects. At the end of 2013, a couple of significant contracts for resources and managed services came up for renewal. These contract extensions are still in negotiations, but the Customer has requested that NTG continue these services at existing rates until contract extensions have been finalized. We have been delivering these services uninterrupted for the past few months and have maintained the workload of projects that lead to significantly higher revenues in 2013.
NTG is also pleased to announce that it has delivered the NTS Asset Management and Discovery modules to a new Customer, pursuant to the contract announced in December 2013. We expect to receive payment for this phase in the next few weeks and we have already started work on Phase 2 of the project, which includes business analysis and additional requirements. Phase 2 is expected to be completed and billed by the end of April 2014. This project has opened new opportunities with this Customer that we are now pursuing.
NTG had an exhibition booth at MWC (Mobile World Congress) in Barcelona at the end of February 2014. We focused on presenting our NTS product and Mobile Apps work. This has provided several good leads that we are following up on. Also, we were able to meet with a few organizations that are interested in discussing partnerships to expand NTG's global reach.
In early January 2014, NTG hired a senior sales Manager in Toronto to focus on acquiring new customers and expanding NTG business in new areas. This is expected to further diversify the Company's operations outside of the Middle East.
Mr. Ashraf Zaghloul, CEO of NTG Clarity has just returned from a successful trip in the Middle East that included Saudi Arabia, Qatar, and Egypt.
-In Saudi Arabia, Mr. Zaghloul was negotiating the renewal of the existing contracts mentioned above.
-In Qatar, Mr. Zaghloul officially opened our new office in Qatar. This office will market both our current NTS product and Smart Building products and services, which are in high demand in Qatar due to the construction boom.
-In Egypt, Mr. Zaghloul met with the development staff to set the vision for the NTS product for the next two years. The NTS product will focus primarily on providing a "Telecom in a Box" solution for Telecom operators while providing an integrated product at a very competitive price advantage. The product would also have a version for the Smart Building and Smart Compounds that is very much in demand in the Middle East and in other developing nations. Mr. Zaghloul was also driving the expansion of the NTG services with our current customers in Egypt.
As published earlier this month, NTG has established a $3.5 Million CDN credit facility. This facility enables NTG to focus on winning new projects and growing the business without having to worry about financing the new work.
We are currently working to finalize the 2013 financial statements for the year ended December 31, 2013. Revenues for 2013 are expected to be approximately $10 Million, representing a 100% increase over revenues in 2012. Complete financial results are expected to be published in early April 2014.
"We are very pleased with our achievements in 2013. All of the activities mentioned will help NTG to continue to provide quality service to our existing customers, acquire new customers, maintain the growth we achieved last year and work on achieving similar success this year," stated Mr. Zaghloul, NTG's Chairman and CEO.
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 200 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:
Doren Quinton, President QIS Capital
Release ID: 35848