Sysorex Government Services Awarded $10 Million Contract for Secure Video Relay Systems

Rhea-AI Summary

Sysorex, Inc. (OTCQB: SYSX) announced that its subsidiary, Sysorex Government Services, Inc. (SGS), secured a five-year, $10 million contract to provide support and maintenance for secure video relay systems (VRS) in 102 prison sites. The VRS system is designed for deaf and hearing-impaired inmates and includes advanced video communication technology. Following a recent merger with TTM Digital Assets, Sysorex aims to expand its contract portfolio and pursue new revenue opportunities, with additional contract announcements expected.

Positive

• Secured a five-year, $10 million contract for VRS support and maintenance.
• VRS system enhances communication for deaf and hearing-impaired inmates.
• Recent merger with TTM Digital Assets strengthens contract acquisition capabilities.

Negative

• None.

HERNDON, VA, July 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Sysorex, Inc. (OTCQB: SYSX), a leading cryptocurrency, information technology and network solutions and services provider to government and commercial customers, today announced that its wholly owned subsidiary, Sysorex Government Services, Inc. (SGS), was awarded a five-year, $10 million contract to provide secure video relay systems (VRS) support and maintenance at 102 prison sites.  

The VRS system, customized, marketed and sold by SGS, is an integrated video communication system that provides communication capabilities to deaf and hearing-impaired inmates. This system uses video for American Sign Language (ASL) conversations between parties or through interpreters, and consists of several rack servers, a customized kiosk with an integrated ruggedized tablet computer, and other custom networking and software components.   

“We are pleased to have been awarded this contract to expand our previous work implementing our VRS system in prison locations,” said Zaman Khan, President of SGS. “We welcome the opportunity to supply our client with this advanced and secure technology and to provide related ongoing support.” 

Sysorex CEO Wayne Wasserberg added, “Our recent merger with TTM Digital Assets and Technologies has greatly improved SGS’ ability to expand its contract portfolio and pursue large revenue opportunities. We look forward to announcing additional SGS contract wins as the year progresses.”

ABOUT SYSOREX GOVERNMENT SERVICES, INC.

SGS provides information technology and telecommunications solutions and services to government and commercial customers primarily in the United States. SGS’s goal is to deliver right-fit information technology solutions that help organizations reach their next level of business advantage. To that end, SGS provides a variety of IT services and technologies that enable customers to manage, protect, and monetize their enterprise assets whether on-premises, in the cloud, or via mobile. For more information regarding SGS, please visit www.sysorexinc.com

For more information:
Company – info@ttmdigitalassets.com, info@sysorexinc.com
Investor Relations – ir@ttmdigitalassets.com
Jimmy Caplan, Market Makers
Public Relations – pr@ttmdigitalassets.com
Rick Eisenberg, Eisenberg Communications

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 

All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Sysorex, Inc. and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19 on Sysorex's results of operations, Sysorex’s ability to integrate the products and business from recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Sysorex’s technology. Other factors that are detailed in Sysorex’s periodic and current reports available for review at sec.gov. Furthermore, Sysorex operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Sysorex disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.

FAQ

What is the contract awarded to Sysorex (SYSX) for?

Sysorex's subsidiary, SGS, was awarded a five-year, $10 million contract to provide support and maintenance for secure video relay systems in 102 prison sites.

How does the secure video relay system (VRS) work?

The VRS system facilitates communication for deaf and hearing-impaired inmates using video for American Sign Language conversations.

What impact does the TTM Digital Assets merger have on Sysorex (SYSX)?

The merger enhances SGS's ability to expand its contract portfolio and pursue larger revenue opportunities.

When was the contract for the video relay system awarded?

The contract was announced on July 13, 2021.