X2M Connect Limited advise it has secured new contracts and extensions to existing contracts in South Korea. X2M CONTINUES TO EXECUTE ITS STRATEGY IN SOUTH KOREA: X2M advises that it has secured a number of new mandates for remote water meter monitoring in South Korea. "Expand" strategy continues to demonstrate the opportunity in Korea: The Korea Water Resources Corporation (K Water) Jeonju branch has extended its contract for remote water monitoring from 20,278 households to 25,564 households with the addition of 5,286 households to the initial contract executed in November 2021 (ASX announcement 19 November 2021).

The contract extension is worth approximately $575,000 bringing the total contract value to approximately $3.1 million. Of this extension contract, $40,000 is allocated for SaaS based monitoring services to those households for 12 months. Jeonju has approximately 205,000 households remaining on old technology which provides opportunities for further growth.

This contract extension demonstrates the success of the Company's land and expand strategy as customers deliver repeat orders to add new households onto the X2M's platform following an initial contract. Follow on contracts a significant contribution to revenues: X2M has also received annual "follow on" Software as a Service (SaaS) and maintenance contracts from Dangjin, Gimje and Okcheon totaling approximately $100k across 13,000 households. These contracts follow X2M's successful installation of hardware and monitoring services in these municipalities.

Similarly, the City of Bucheon has signed a contract for approximately $100k for X2M's SaaS and maintenance services for 12 months across 25,000 households. The Company expects to see SaaS and maintenance contracts renewed annually, with the service fees varying depending on the contracted services. Gochang has contracted X2M to migrate its cloud-based services to a set of dedicated on-premise servers: X2M has now installed server infrastructure in 17 municipalities where the preference is for on-premises operation rather than cloud-based operation.

These on-premise servers are dedicated to operating the X2M platform and this forms part of their ongoing operations and plans for further deployments. This further entrenches X2M's position and incumbency with these customers.