Intrusion Partner iOne Wins P1.4 Billion Bid for the Commission on Elections Project, Securing National and Local Polls in the Philippines

Rhea-AI Summary

Intrusion Inc. (INTZ) partners with iOne Resources to secure the Commission on Elections project in the Philippines, winning a P1.4 billion bid for the 2025 midterm elections. The partnership aims to enhance cybersecurity with a portfolio of networking and security vendors, including Intrusion, Fortinet, Teltonika, Cisco, Akamai, Starlink, and Dell. The project is expected to be fully operational by November 2024, contributing to earnings in the second half of the year.

Positive

• Partnership with iOne Resources to secure Commission on Elections project
• Winning bid of P1.4 billion for 2025 midterm elections
• Enhancing cybersecurity with a portfolio of networking and security vendors
• Expected to be fully operational by November 2024
• Projected earnings contribution in the second half of 2024

Negative

• None.

Insights

Cybersecurity Analyst

The contract awarded to Intrusion Inc. in collaboration with iOne Resources represents an important business development for the company. As they are tasked with enhancing the cybersecurity posture for the Commission on Elections in the Philippines, this move positions Intrusion as a pivotal player in election security services. This is an area of growing concern and investment, given the increasing frequency and sophistication of cyber threats targeting electoral systems worldwide.

Financial Analyst

From a financial perspective, the contract worth $25 million USD is substantial for Intrusion Inc., particularly considering the firm's market capitalization and revenue streams. The revenue from this project is expected to be realized starting in the second half of 2024, which will likely have a positive effect on the company's earnings and potentially its stock price. Investors should monitor the progress of the SETs implementation and any subsequent impact on the company's financials.

Technology Market Analyst

The involvement of multiple vendors including Fortinet, Teltonika, Cisco, Akamai, Starlink and Dell highlights a trend towards collaborative security solutions involving various technology stakeholders. For investors, the diversification of partnerships may serve as an indicator of Intrusion's ability to lead and manage large-scale, complex projects. This could also reflect on the company's agility in adapting to evolving market demands and the potential for future growth in the global cybersecurity market.

MANILA, PHILIPPINES and PLANO, TX / ACCESSWIRE / April 17, 2024 / Intrusion Inc. (NASDAQ:INTZ), a leading provider of cybersecurity solutions, in partnership with iOne Resources, a leading systems integrator and managed IT network solutions provider, announced a notice of award to supply the Secure Electronic Transmission Services (SETs) for the 2025 midterm elections.

iOne's Resources in partnership with Ardent Networks, a local IT Distribution Company, will include a portfolio of networking and security vendors from Intrusion, Fortinet, Teltonika, Cisco, Akamai, Starlink, and Dell.

"We believe Intrusion will significantly enhance the cybersecurity posture of the Commission on Elections," said Alberto Catangui, President, and CEO of iOne Resources. "Particularly in safeguarding electoral infrastructure from potential cyberattacks or intrusions."

"The safeguarding of electronic voting is vital to the health of any country," said Tony Scott, CEO of Intrusion. "We are proud to play a key role in maintaining the security of the 2025 elections in the Philippines."

This is the second most expensive contract for the 2025 elections with a total bid price of P1.4 billion (approximately $25 million USD). SETs is scheduled to be fully operational by November 2024 and will begin contributing to earnings in the second half of 2024.

About Intrusion Inc.

Intrusion, Inc. is a cybersecurity company based in Plano, Texas. The Company offers its customers access to its exclusive threat intelligence database containing the historical data, known associations, and reputational behavior of over 8.5 billion IP addresses. After years of gathering global internet intelligence and working exclusively with government entities, the Company released its first commercial product in 2021. Intrusion Shield is designed to allow businesses to incorporate a Zero Trust, reputation-based security solution into their existing infrastructure. Intrusion Shield observes traffic flow and instantly blocks known malicious or unknown connections from both entering or exiting a network to help protect against Zero-Day and ransomware attacks. Incorporating Intrusion Shield into a network can elevate an organization's overall security posture by enhancing the performance and decision-making of other solutions in its cybersecurity architecture.

For more information about Intrusion, visit intrusion.com

About iOne Resources
iOne Resources, Inc. is one of the leading systems integration and managed services provider in the Philippines with more than two decades of experience and expertise serving both the government and B2B market.

We are committed to being the country's most efficient, reliable, respected, and admired leader in information technology solutions and telecommunications systems integration in the industry.

For more information about iOne Resources, visit ioneresources.net

Cautionary Statement Regarding Forward-Looking Information

This release may contain certain forward-looking statements, including, without limitation, our expectations for positive results from our recent sales, marketing, and strategic initiatives, which statements reflect management's expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof and involve a number of risks and uncertainties, including the risk that our recent sales, marketing, and strategic efforts will not result in increased product awareness or sales of our Intrusion Shield. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, the risk that this financing fails to provide the needed capital for the Company to execute its current business strategies, the Company does not achieve the anticipated results from its current sales, marketing, operational, and product development initiatives, as well as risks that we have detailed in the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors."

IR Contact:

Alpha IR Group
Mike Cummings or Josh Carroll
INTZ@alpha-ir.com

SOURCE: Intrusion, Inc.

View the original press release on accesswire.com

FAQ

What project did Intrusion Inc. (INTZ) and iOne Resources win a bid for?

Intrusion Inc. (INTZ) and iOne Resources won a bid for the Commission on Elections project in the Philippines for the 2025 midterm elections.

Who is the President and CEO of iOne Resources?

Alberto Catangui is the President and CEO of iOne Resources.

Which companies are included in the portfolio of networking and security vendors for the project?

The portfolio includes vendors such as Intrusion, Fortinet, Teltonika, Cisco, Akamai, Starlink, and Dell.

When is the Secure Electronic Transmission Services (SETs) expected to be fully operational?

SETs is scheduled to be fully operational by November 2024.

What is the total bid price for the project?

The total bid price for the project is P1.4 billion (approximately $25 million USD).