NTG Clarity Networks Inc. announced that it has received four new purchase orders (POs) and one new contract for a total of CAD 1.8 million in new work and renewals for new and existing customers in the Financial, Government, and Telecom sectors. These contracts represent an expansion of NTG's business relationship with several key customers of both outsourced services and software products. The breakdown of the work is as follows, with all customers in the Middle East: $690,000 in new work to provide offshore software QA and testing services for one year for an existing customer in the Financial sector, with an expected gross margin of 40%, $1.1 million in renewals:
$400,000 to provide offshore professional services for three months for an existing customer in the Government sector. $300,000 to provide a renewed license support agreement for NTGapps software platform for an existing customer in the Telecom sector. $230,000 to provide onsite professional services for one year for an existing customer in the Government sector. $180,000 to provide onsite professional services for one year for an existing customer in the Financial sector. 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 $46.3M, the majority of which is expected to be completed in 2024. This puts NTG in an increasingly strong position to meet our $50M 2024 revenue target.