Norwood Systems Limited (ASX: NOR) has operations into the into the various mobile & cellular ecosystem services to consumers at large. The company has the objective of introducing such disruptive technology which would make high-quality telecommunication services available anywhere & anytime & at affordable prices. The company has been a pioneer in the domain of virtual mobile services platform named as” Corona” and various other integrated apps. The company’s target market comprises of individuals, large corporates and the Government organizations and agencies. Since the inception of its platform, the company has delivered services to over six million customers and has served people in over 200 countries with an achievement of 4+ rating on all the published apps.
The Company has through a release said that it has been bestowed upon a contract to supply smartphone apps and related software components to the Spark, New Zealand. Following this release, the share price of the company increased by 25.0 percent as on 7 December 2018.
As per the release, the contract which would involve the supply of software and licenses along with the allied professional services would fetch the company estimated revenue of NZD $ 1.10 Mn. The pact is expected to be for the period of four years and would incorporate the terms such an upfront payment by the customer for the initial development, installation and commissioning works to be supplied by the company for smartphone app software licenses and the associated software components licenses.
Moreover, a recurring fee for a baseline minimum number of user’s licenses is also to be paid by the customer for the total contract period.
The company’s CEO and co-founder Mr. Paul Ostergaard has said that this pact has materialized after an extensive technical and commercial engagements and talks with the management of Spark NZ. It is also notable here that the Spark NZ is one of the foremost digital service provider & amongst the largest companies by the value on the New Zealand stock exchange.
For the year ended 30 June 2018, the revenue from continuing operations came in at $ 296,608, a rise of 45.2% on a YoY basis. However, there was a net loss attributable to members of 4,044,223 for the same period. During the year 2018 the company was also successful in their share purchase plan through which they had successfully raised $2 Mn which was announced in March and April 2018.
Meanwhile, the share price of the company has fallen by 60 percent in the past six months as on 6 December 2018. NOR’s shares traded at $0.005 with a market capitalization of circa $6.28 Million as on 7 December 2018 (AEST 03:09 PM).
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