$1.2 M Government Systems Omnibus Contract Task Awards
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4 September 2023
NARF INDUSTRIES PLC
('NARF', the 'Company', or the 'Group')
New Task Order Awards of $1.2 million Under Exclusive US Government Omnibus Contract for Cutting-Edge Cybersecurity Solutions
Narf Industries plc (LSE: NARF)(OTCQB: NFIN.F) the cybersecurity group specialising in high-end threat intelligence and critical infrastructure security is pleased to announce that its subsidiary, Narf Industries LLC, has received new task order awards ("orders") totaling $1.2 million under its exclusive US Government Omnibus contract vehicle (the "Omnibus Contract"). This brings awards under the first 10 months of the Omnibus Contract to $2.6 million.
Highlights
● Expanding demand for NARF's innovative Government Solutions and Services ("GS&S")
● Omnibus Contract enables swift access to NARF's unique and distinctive GS&S capabilities
● GS&S expected to become a significant contributor to NARF's revenue in 2023 and future growth
Background On Omnibus Contract and Task Orders
The Omnibus Contract, which was recently renewed for five years, provides US government agencies swift access to NARF's innovative and unique cybersecurity solutions and services by significantly streamlining procurement cycles and reducing administrative complexities.
One of the contract's key features is that it allows US government agencies to seamlessly place orders for the prompt deployment of NARF's specialised cyber security software and work by eliminating repetitive contract award administration and evaluations. This approach not only enhances efficiency but also amplifies the US government's ability to respond swiftly to emerging cyber security threats.
Commenting on the new orders, Steve Bassi, CEO of NARF said: "Our successful track record of providing small, innovative and quick delivery solutions earned NARF the trust of customers and resulted in the renewal of the Omnibus Contract which runs until the end of November 2027.
"With security breaches and targeted attackers increasing at an unprecedented rate, NARF's reputation as a specialist in the space provides us with a considerable opportunity for growth and we expect GS&S orders under the Omnibus Contract to become a significant part of that."
John Herring, Executive Chairman of NARF added: "Over the past six months Steve and the team have intensified focus on GS&S opportunities available under our exclusive US government Omnibus Contract given our stated strategy to scale and expand our GS&S offering. The results are promising, and we expect to concentrate additional resources over the coming months to capitalize on the unique opportunity it provides us."
NARF reported revenue in 2022 of $2.56 million and is currently projecting a 130% increase in 2023 to $5.8 million. The Company expects GS&S to contribute significantly to growth in 2023 and believes it is well positioned to accelerate GS&S revenue in future periods.
For further information visit www.narfgroup.com or contact:
Narf Industries plc
John Herring
jh@narfgroup.com
Joint Broker
Canaccord Genuity Limited
Simon Bridges
Harry Rees
Tel: +44 (0) 207 523 8000
Joint Broker
Tennyson Securities plc
Peter Krens
Tel: +44 (0)207 186 9030
Financial PR, UK
St Brides Partners
Paul Dulieu
Isabel de Salis
narf@stbridespartners.co.uk
About NARF Industries plc
Narf Industries (LSE: NARF) (OTCQB: NFIN.F) is a US based leading provider of cybersecurity research, solutions, and services to government entities. With a steadfast commitment to protecting national security and critical infrastructure, it offers comprehensive expertise in addressing the evolving cyber threats faced by its clients.
