Intellinetics, Inc. Generates Its Largest Order in Company History

Rhea-AI Summary

Intellinetics, Inc. (OTCQB: INLX) has announced its largest order to date, valued at approximately $1.8 million, for the digitization of critical records for a state customer. This order is set to be recognized over the next nine to twelve months and is nearly double the size of the previous largest order. The deal emphasizes the company's growing value proposition in digital transformation services, making information accessible and secure for enhanced business support.

Positive

• Secured largest order in company history valued at approximately $1.8 million.
• Order to be recognized over the next nine to twelve months, providing substantial future revenue.
• Demonstrates increasing demand for Intellinetics' digitization services among government clients.

Negative

• None.

COLUMBUS, Ohio, April 21, 2022 (GLOBE NEWSWIRE) -- Intellinetics, Inc., (OTCQB: INLX) a cloud-based provider of solutions and services that enable and accelerate digital transformation including Document Processing, Enterprise Content Management and Business Process Outsourcing, announced it has secured the largest order in its history. The order is for an existing state customer and involves digitization of hundreds of thousands of critical records. The revenue from this order, with a contract value of approximately $1.8 million, will be recognized over the next nine to twelve months. This order is approximately twice as large as our prior largest order.

The customer selected Intellinetics to digitize a trove of mission-critical paper-based records currently locked in file cabinets with limited accessibility, into secure, accessible, process-ready information to better support business and service model innovation.

“This is an exciting moment for our company,” said James F. DeSocio, President & CEO of Intellinetics. “This customer has been working with our team for a number of months in a planning, testing, and comprehensive evaluation of our references, personnel, technology and infrastructure to confirm we will deliver the best results.

“This win reflects our growing value proposition to the market. Our strategy to enable and accelerate digital transformation with an expanding set of integrated services, software, and infrastructure makes it easier for customers to take their next steps on their digital journey with confidence they can choose from a full spectrum of add-on solutions when they are ready. All with the peace of mind and economies that comes with a single-source provider.”

Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements.

About Intellinetics, Inc.

Intellinetics, Inc., located in Columbus, Ohio, is a cloud-based content services software provider. Its IntelliCloud^™ suite of solutions serve a mission-critical role for organizations in highly regulated, risk and compliance-intensive markets in Healthcare, K-12, Public Safety, Public Sector, Risk Management, Financial Services and beyond. IntelliCloud solutions make content secure, compliant, and process-ready to drive innovation, efficiencies and growth. For additional information, please visit www.intellinetics.com.

Cautionary Statement Regarding Intellinetics, Inc.
Statements in this press release which are not purely historical, including statements regarding future recognition of revenue, growth plans, and strategies; and other intentions, beliefs, expectations, representations, projections, plans or strategies regarding future growth and other future events are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with project delays, state budgetary reductions, general risks associated with government contracts, the effect of changing economic conditions, and other risks, uncertainties and other factors discussed from time to time in its reports filed with or furnished to the Securities and Exchange Commission, including in Intellinetics’ most recent annual report on Form 10-K as well as subsequently filed reports on Form 8-K. Intellinetics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics on its website at www.intellinetics.com or at www.sec.gov.

CONTACT:
Joe Spain, CFO
Intellinetics, Inc.
614.921.8170
investors@intellinetics.com

FAQ

What is the significance of Intellinetics' recent order announced on April 21, 2022?

The order is significant as it is the largest in Intellinetics' history, valued at approximately $1.8 million, indicating strong demand for its services.

When will revenue from the $1.8 million order be recognized?

Revenue from the order will be recognized over the next nine to twelve months.

What does this order entail for Intellinetics?

The order involves digitizing hundreds of thousands of critical records for a state customer, enhancing data accessibility and security.

How does this order impact Intellinetics' market position?

This order enhances Intellinetics' market position by demonstrating its value proposition in digital transformation services.