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NTG Clarity Signs a 3-Year Major Resourcing Frame Agreement for up to $10.7M CAD

News Direct
·4 min read

Markham, Ontario --News Direct-- NTG Clarity Networks Inc.

Toronto, ON - TheNewswire - April 19, 2022 - NTG Clarity Networks Inc. (TSX.V:NCI); NTG Clarity is pleased to announce that on April 19, 2023 it signed a three year Professional Services Supply Agreement with a leading IT services company in the Gulf Region that provides services to both the public and private sectors. NTG will provide software development and IT resources both onsite and offshore in our Egypt Offshoring Centre. The work starts April 19, 2023 and NTG has started onboarding of the resources. The customer will issue purchase orders for each group of resources that are selected.

It is worth mentioning that this is one of the largest offshoring agreements for NTG to-date. This agreement in its whole three years duration has a maximum value ceiling amount of approximately $10.7M CAD and estimated expenses of $8M. As this is a Frame Agreement, it will be utilized by the issuing of Purchase Orders (POs). The actual amount of the Agreement will depend on the value of the POs the customer issues to NTG.

Egypt’s offshoring industry is witnessing an unprecedented momentum of growth. The country enjoys many competitive advantages that established its reputation as a favorable global offshoring destination. The diverse IT and digital services, abundance of talent, cost competitiveness, resilient business operations, and the government’s support are among Egypt’s unique value proposition that encourage global enterprises to launch and expand their global operations. It is estimated that the value of Egypt’s digital exports will increase by $1 billion USD annually, marking a significant growth to the current export revenue of $4.9 billion USD (source: https://itida.gov.eg/English/PressReleases/ Pages/ Egypt-IT-offshoring-and-business-services-sector-sees-strong-growth-momentum.aspx )

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NTG is well positioned to capitalize on this growth and be one of the major players due to the following:

  • NTG has been in the global and Egyptian markets for 30 years.

  • NTG has a strong presence in the Middle East market and an excellent reputation with its many tier-one business customers.

  • NTG has a large pool of experienced professionals.

  • NTG invests heavily in hands-on training of new graduates for the job market through its technical academies and training programs.

  • NTG has a proven well documented outsourcing/offshoring model, processes, and procedures.

  • NTG builds a close partnership with its customers based on trust, professionalism, flexibility, transparency, and a win-win strategy.

“With this agreement with this new important customer, and the many other agreements we have signed in the last year, we look forward to being – and are working hard to be – one of the major service providers in this technology field in the Middle East. We invite any organization considering outsourcing or offshoring to collaborate with NTG for all of their professional services needs,” said Kristine Lewis, NTG Clarity’s President.

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 500 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:

Kristine Lewis, President, NTG Clarity Networks Inc.

Ph: 905-305-1325

Fax: 905-752-0469

Email: klewis@ntgclarity.com

View source version on newsdirect.com: https://newsdirect.com/news/ntg-clarity-signs-a-3-year-major-resourcing-frame-agreement-for-up-to-10-7m-cad-362168322