WidePoint Awarded New Contract for TEM Services from the Virginia Alcoholic Beverage Control Authority

Rhea-AI Summary

WidePoint Corporation (NYSE American: WYY) has secured a new contract with the Virginia Alcoholic Beverage Control Authority to provide Telecom Expense Management (TEM) services. The contract spans one year with four optional renewals, totaling approximately $1.2 million. Virginia ABC, employing nearly 4,000 individuals, plays a significant role in public safety and revenue generation for the Commonwealth of Virginia. WidePoint's CEO hailed the contract as a sign of Virginia ABC's commitment to efficiency during the COVID-19 pandemic, emphasizing the importance of telecom management solutions during challenging times.

Positive

• Secured a new contract valued at approximately $1.2 million.
• Contract includes four one-year renewal options, indicating potential for long-term revenue.
• Virginia ABC is recognized as a leading revenue producer for the Commonwealth.

Negative

• None.

FAIRFAX, Va., July 20, 2020 (GLOBE NEWSWIRE) -- WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, today reported that the company secured a new contract from the Virginia Alcoholic Beverage Control Authority (Virginia ABC) to provide the agency with Telecom Expense Management (TEM) services. The contract term is for one year, contains four additional one-year renewal periods, and has a total contract value of approximately $1.2 million. 

Virginia ABC and its nearly 4,000 employees serve the Commonwealth of Virginia as an independent political subdivision. Virginia ABC is one of 11 public safety agencies working with the Secretariat of Public Safety and Homeland Security.

“Virginia ABC is a leading revenue producer for the Commonwealth and a source of future growth for Virginia, WidePoint’s home state,” said Jin Kang, WidePoint’s president and CEO. “It is encouraging to see that an innovative organization such as Virginia ABC is not letting the challenges of the coronavirus pandemic impede its vision for enhanced accountability and inventory management. As government agencies across the country look for ways to save money and save jobs, Virginia ABC is leading the way, and WidePoint is providing the telecom and mobile management solutions that deliver meaningful results.”

About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, managed mobility services, identity management, and digital billing and analytics. For more information, visit widepoint.com.

Investor Relations:
Gateway Investor Relations, Matt Glover or Charlie Schumacher
949-574-3860, WYY@gatewayir.com

 

FAQ

What is the value of WidePoint's new contract with Virginia ABC?

The contract value is approximately $1.2 million.

How long is the contract between WidePoint and Virginia ABC?

The contract is for one year with four additional one-year renewal periods.

What services will WidePoint provide under the new contract?

WidePoint will provide Telecom Expense Management (TEM) services.

What is the role of Virginia ABC?

Virginia ABC serves as an independent political subdivision, contributing significantly to public safety and revenue for the Commonwealth of Virginia.

How does this contract benefit WidePoint Corporation?

This contract is an opportunity for WidePoint to generate revenue and showcase its telecom management solutions.