SuperCom Awarded $33 Million National Electronic Monitoring Contract of EU Member Country

Rhea-AI Summary

SuperCom (NASDAQ: SPCB) has secured a contract exceeding $33 million from a national government of an EU member state to implement its PureSecurity Electronic Monitoring Suite for domestic violence and offender tracking programs. This initiative marks the country's first EM project, involving up to 15,000 enrollees and enhancing public safety. The contract will generate revenue over five years with additional services. SuperCom expects to launch the program within 90 days, strengthening its position in the European market amidst anticipated future tenders valued over $200 million.

Positive

• Awarded a contract worth over $33 million for electronic monitoring services.
• Project expected to enroll up to 15,000 offenders, enhancing market reach.
• Strengthens SuperCom's presence in the European electronic monitoring sector.
• Anticipates additional tenders worth over $200 million in the near future.

Negative

• None.

Electronic Monitoring Program Go-Live is expected within 90 days of Project Launch

TEL AVIV, Israel, Aug. 24, 2022 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, is pleased to announce that it, together with its local partner, has been awarded an over $33 million contract by the national government of an European Union (EU) member country to deploy its PureSecurity Electronic Monitoring (EM) Suite for a domestic violence monitoring, GPS Tracking of offenders and home detention monitoring program.

SuperCom's PureSecurity Suite is a best-of-breed electronic monitoring and tracking platform with a comprehensive set of innovative features, including advanced anti-tamper mechanisms, multi-factor biometrics, the newest location technologies and sensors, practically limitless historic data, seamless 3rd party API integration, and an ultra-light weight ankle-bracelet with proprietary energy efficiency algorithms.

This is the country's first EM project, linking it with a long list of nations choosing SuperCom's EM solutions and further expanding SuperCom's footprint into an additional country in the EU. The nationwide program is expected to encompass all EM offender programs within the country, up to 15,000 enrollees simultaneously, and include a unique integration of multiple offender tracking sub-programs.

The awarded value of the contract based on the government's internal budgeting is over $33 million. The budget is based mainly on monitoring software, EM products and complimentary services spread over five years, plus an additional two years of continued services. EM Program go-live is expected within the first 90 days of project launch.

"We are excited with this award, the largest European EM project awarded so far this year. It further validates our strategy to scale up operations to accelerate growth and improve public safety in more nations around the world. We look forward to supporting another EU member country's public safety efforts and bringing them the many benefits of SuperCom's proprietary EM technology. It is an honor to take part in this national initiative by building the necessary infrastructure and deploying this country's first EM program," commented Ordan Trabelsi, President & CEO of SuperCom.

"This competitive tender process that just concluded is the first of several tenders for large scale national European EM projects that are expected to be concluded in 2022 and 2023, with a total estimated value of over $200 million. With this meaningful win, SuperCom is once again signaling, after more than 10 other recent national European EM project wins, the superiority of its value offering in the European EM space. We believe our growing reputation as a leading global EM solution provider will drive additional wins in the future," concluded Mr. Trabelsi.

The award was won through a formal bid process, with over 8 international companies taking part in the bidding process. The process included several rounds of negotiations and several demonstrations and system tests by the contracting authority. The award will go through a customary standstill waiting period before contract signing is approved and the project is launched. SuperCom management expects to provide further information on such in follow-up announcements.

About SuperCom

Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced safety, identification, and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation. For more information, please visit SuperCom's website, www.supercom.com 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical or current facts. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the statements made. Examples of these statements include, but are not limited to, statements regarding business and economic trends, the anticipated effects of the COVID-19 outbreak on travel and physical locations, the levels of consumer, business and economic confidence generally, the duration of the COVID-19 outbreak and severity of such outbreak, the pace of recovery following the COVID-19 outbreak, status of contractual awards and related commitments and contingencies, the effect on our supply chain, our ability to implement cost containment and business recovery strategies and resulting anticipated impact of such outbreak on our business, financial condition and results of operations, the adverse effects of the COVID-19 outbreak on our business or the market price of our ordinary shares, and other risks and uncertainties described in the forward looking statements and in the section captioned "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the "SEC") on April 4, 2022, our reports on Form 6-K filed from time to time with the SEC and our other filings with the SEC. Except as required by law, we not undertake any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

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SuperCom Investor Relations:
ir@supercom.com 
Kirin Smith
PCG Advisory
ksmith@pcgadvisory.com

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SOURCE SuperCom Ltd.

FAQ

What is the value of the contract SuperCom received?

SuperCom was awarded a contract valued at over $33 million.

What technology will SuperCom deploy for the electronic monitoring program?

SuperCom will deploy its PureSecurity Electronic Monitoring Suite for the program.

When is the expected go-live date for SuperCom's electronic monitoring program?

The program is expected to go live within 90 days of the project launch.

How many offenders will the electronic monitoring program cover?

The program is expected to encompass up to 15,000 enrollees simultaneously.

What future opportunities does SuperCom anticipate following this contract?

SuperCom expects additional tenders for large-scale electronic monitoring projects valued over $200 million in 2022 and 2023.