THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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, see Narf's blog post or contact:
| John Herring | NARF | Tel: +44 (0) 20 3468 2212 |
| Catherine Leftley/Paul Dulieu/Isabel de Salis | St Brides Partners | |
| 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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