RIWI Secures $1.37 Million CAD Contract for First Year, with Potential for $4.11 Million Total

Rhea-AI Summary

RIWI Corp. has signed a new contract worth $1.37 million CAD to provide survey technology services and automated data analytics for an international research organization. The contract includes two option renewal years, bringing the total potential contract size to $4.11 million CAD. A Director of the Company will receive a finder's fee of 5% of the contract value. RIWI's CEO, Greg Wong, emphasized the company's commitment to delivering high-quality data solutions and its focus on project-based, recurring, and transactional revenue.

Toronto, Ontario--(Newsfile Corp. - November 3, 2023) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm is pleased to announce that it has signed a new contract to provide survey technology services and automated data analytics for an international research organization. The contract value to RIWI is $1.37 million CAD for the first 12 months, and the client has two option renewal years, for a total potential contract size of $4.11 million CAD. A Director of the Company will be paid a finder’s fee in the amount of 5% of the contract value.

"This contract is a testament to our expertise and commitment to delivering high-quality data solutions for our clients," said Greg Wong, Chief Executive Officer of RIWI. "We are delivering on our growth vision through a determination to win project-based revenue, recurring revenue, and transactional revenue," added Wong.

Recurring revenue is revenue where a customer subscribes to either the RIWI platform or to one of its data products or services. Transactional revenue refers to RIWI revenue arising from matching survey respondents to an active survey commissioned on one of the global research marketplaces or to a direct end customer and the respondent completes the survey. Project-based revenue is where customers purchase RIWI data to run a specific survey or digital message test in one or more countries. "Working on new contracts of this nature positions the RIWI team well for long-term growth and innovation," said Wong.

About RIWI

RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries - without collecting any personally identifiable data. https://riwi.com.

RIWI CORP.

Signed: "Greg Wong"
Greg Wong, Chief Executive Officer

For more information, please contact investors@riwi.com or call 1-833-FOR-RIWI (367-7494).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION:

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company's expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186292

FAQ

What is the contract value for RIWI?

The contract value for RIWI is $1.37 million CAD for the first 12 months.

What is the total potential contract size?

The total potential contract size is $4.11 million CAD, including two option renewal years.

Who will receive a finder's fee?

A Director of the Company will receive a finder's fee of 5% of the contract value.

What types of revenue does RIWI focus on?

RIWI focuses on project-based revenue, recurring revenue, and transactional revenue.

What did RIWI's CEO, Greg Wong, say about the contract?

Greg Wong emphasized that the contract demonstrates RIWI's expertise and commitment to delivering high-quality data solutions.