SuperCom Secures New $1.8 Million Contracts with a Trusted Long-Term Government Customer

Rhea-AI Summary

SuperCom (NASDAQ: SPCB), a global provider of secured solutions for e-Government, IoT, and Cybersecurity, has announced a new $1.8 million contract with a longstanding government customer. This contract, part of their e-Government division, marks over a decade of successful partnership. The new project is set to begin by the end of May 2024 and will be completed in the next five months.

Ordan Trabelsi, President & CEO of SuperCom, highlighted that this contract symbolizes the customer's continued trust in SuperCom's solutions and underscores the company's commitment to high-quality service and global client satisfaction. SuperCom, established in 1988, specializes in traditional and digital identity solutions, providing advanced security and identification services to governments and organizations worldwide.

Positive

• Secured a new $1.8 million contract with a long-standing government customer.
• The project will be completed over the next five months, increasing short-term revenue.
• Continues a partnership that has lasted over a decade, indicating strong customer satisfaction.
• Highlights SuperCom's competitive edge and commitment to high-quality service.

Negative

• The contract value of $1.8 million, while positive, may not significantly impact SuperCom's overall revenue in the long term.
• Concentration risk as the revenue comes from a single customer.

New Contract with existing customer expected to be fulfilled over the next 5 months

TEL AVIV, Israel, May 16, 2024 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today announced that it had secured an additional $1.8 million contract with a long-standing customer of its e-Government division, continuing a successful partnership that has been in place for over a decade.

The contract is valued at $1.8 million. It is expected to start by end of May 2024 and to be fulfilled over the next 5 months.

"We are pleased to continue our partnership with a government customer who has trusted our solutions for over a decade. This contract not only signifies their satisfaction with our work but also their confidence in SuperCom's ability to consistently deliver high-quality products and services," commented Ordan Trabelsi, President & CEO of SuperCom. "Our ability to secure more contracts of this magnitude with our long-term customers demonstrates our competitive edge and unwavering dedication to their success. This ongoing relationship is a testament to our commitment to excellence and our ability to meet the evolving needs of our clients across the globe."

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 security and safety, community public safety, law enforcement, electronic monitoring, and domestic violence prevention. 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 levels of consumer, business and economic confidence generally, the adverse effects of these risks 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, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on April 22, 2024, 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 do 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.

SuperCom Investor Relations: ir@supercom.com

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SOURCE SuperCom

FAQ

What is the value of the new contract secured by SuperCom (SPCB)?

The new contract secured by SuperCom (SPCB) is valued at $1.8 million.

When will SuperCom (SPCB) fulfill its new $1.8 million contract?

SuperCom (SPCB) will fulfill its new $1.8 million contract over the next five months, starting by the end of May 2024.

Who is the customer for SuperCom's (SPCB) new $1.8 million contract?

The customer for SuperCom's (SPCB) new $1.8 million contract is a long-term government client.

What does SuperCom (SPCB) specialize in?

SuperCom (SPCB) specializes in traditional and digital identity solutions, providing advanced security and identification services to governments and organizations worldwide.