REG - Narf Industries PLC - New Task Order Awards of $1.2 million

Narf IndustriesAnnouncement

04/09/2023 07:00

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RNS Number : 1969L  Narf Industries PLC  04 September 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER
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ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS
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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.

ENDS

For further information please visit www.narfgroup.com
(http://www.narfgroup.com/) , see Narf's blog post
(https://blog.narfindustries.com/) or contact:

 John Herring                                   NARF                 Tel: +44 (0) 20 3468 2212
 Catherine Leftley/Paul Dulieu/Isabel de Salis  St Brides Partners   narf@stbridespartners.co.uk (mailto:narf@stbridespartners.co.uk)
 Peter Krens                                    Tennyson Securities  Tel: +44 (0)207 186 9030

 

 

About NARF Industries plc

Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber security group
specialising in high-end threat intelligence with a focus on critical
infrastructure. The Group leads commissioned cyber security R&D and is
commercialising a portfolio of products including TIGR that can be used by
utilities and cyber first responders to restore power to electric grids and
protecti other key infrastructure that has suffered a cyber-attack. The Group
aims to further strengthen its portfolio organically and via acquisition;
opportunities which its team of highly qualified cyber security experts is
well placed to identify.

 

Important notice

The content of this announcement has not been approved by an authorised person
within the meaning of the Financial Services and Markets Act 2000 (FSMA). This
announcement has been issued by and is the sole responsibility of the Company.
The information in this announcement is subject to change. This announcement
is not an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the Securities Act), and may
not be offered or sold, directly or indirectly, in or into the United States,
except pursuant to an applicable exemption from registration. No public
offering of securities is being made in the United States. This announcement
is not for release, publication or distribution, directly or indirectly, in or
into Australia, the Republic of South Africa, Japan or any jurisdiction
where to do so might constitute a violation of local securities laws or
regulations (a Prohibited Jurisdiction). This announcement and the information
contained herein are not for release, publication or distribution, directly or
indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant
to an exemption under the relevant local law or regulation in any such
jurisdiction.

 

 

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