Four Year National Contract to Support Long-term Recurring Revenue Growth
HERZLIYA, Israel, Jan. 30, 2019 /PRNewswire/ -- SuperCom Ltd. (SPCB), a global provider of Secure-Identity, IoT, Connectivity, and Cyber Security solutions for the global public and private sectors, announced today that it has secured a contract with the national government of Estonia to deploy its Pure Security Electronic Monitoring (EM) Suite with an emphasis on house arrest. This project was formally awarded in November 2018 through a formal bid process and the contract execution has just been approved allowing for project launch.
This nationwide program with the country's Ministry of Justice will cover all cases requiring house arrest within the country, with a simultaneous unit count starting at 200 and an option to grow up to 400. SuperCom has already received the initial order and follow-on orders may continue over time. The project will be billed at a per-unit daily rate and generate steady-state recurring revenues accordingly. The total duration of the contract is up to 4.5 years for an estimated contract size of $1.35M if the simultaneous unit count stays close to the starting count of 200, but this number may grow together with the simultaneous unit count.
"We are pleased to begin work on this contract award," said company President and CEO Arie Trabelsi. "As in many of our previous awards, we competed against other providers for this business and displaced the incumbent EM vendor who had been in place for the past 10 years in this country. We expect to begin generating recurring revenues from this new business within a few months of today's announcement, and we look forward to seeing additional wins around the globe as more and more countries shift to a more modernized approach to alternatives to incarceration such as our EM offerings."
SuperCom's PureSecurity Suite is a best-of-breed electronic monitoring and tracking platform, which contains a comprehensive set of innovative features, including smart phone integration, secure communication, advanced security, anti-tamper mechanisms, fingerprint biometrics, voice communication, unique touch screens and extended battery life.
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, visit SuperCom's website: http://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 facts. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Among the factors that could cause actual results, performance or achievements to differ materially from those discussed in this press release are those detailed from time-to-time in prior press releases and in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 20-F and reports on Form 6-K, The Company undertakes no 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 Corporate Contact:
Ordan Trabelsi, President