With its $2M debt burden fully paid down and significant cost cutting initiatives completed, Turnium has signed multi-year contracts with new customers, improving overall revenue and Monthly Recurring Revenue (MRR) heading into 2024
September 28, 2023 – Vancouver, Canada – Turnium Technology Group Inc. (TSXV: TTGI; FSE: E48) (“Turnium” or “the Company”), announces that it has signed a 5-year OEM licensing agreement with a large technology group and service provider in South-East Asia. The new 5-Year OEM licensing agreement with the South-East Asian service provider, signed on July 18, 2023, will activate across Indonesia initially.
Turnium will capture a major business market where the Service Provider intends to expand their Enterprise and Government offerings to deliver reliability, better bandwidth, and failover with secure connectivity to multiple mission critical sites. This new licensing agreement further confirms that Turnium’s solution is Government and Enterprise grade, which is being actively sold in similar customer market segments worldwide.
Turnium continues to gain momentum and capture market share, with this news release coming fresh off of the September 12th announcement where Turnium contracted with UK-based SDWAN & SASE Solutions. This 3-year contract, signed on May 23, 2023, has the potential to increase revenue by $24M over the next two years, on a $2M in monthly recurring revenue (MRR) basis with gross margins greater than 80%.
“We continue to find success in the Asia Pacific region, as our partners look for cost-effective connectivity solutions for their Enterprise and Government customers,” said Derek Spratt, Chief Executive Officer at Turnium. “As our global partner network (Comms365, Damen IT Groep, Metro Lightspeed, SDWAN & SASE Solutions), continues to expand, we are seeing rapid revenue growth, giving us a clear near-term pathway to positive cash flow, and we expect FY2024 revenue growth close to the overall market along with double-digit EBITDA margins.”
The SD-WAN market is expected to increase at a 31.6% CAGR from US$3.4B in 2022 to US$54B in 2032, according to Future Market Insights Inc. Turnium’s Global Partnership Program continues to add fresh growth opportunities that are translating into major contract agreements and wins, as announced on August 24th in the new Go-To-Market AI and Smart Connectivity Solutions. With a refreshed offering, major new customers being onboarded, and the removal of a $2M debt burden, the Company is focused on growth and contract fulfilment, as well as the potential merger with ActivePort (ASX: ATV) – the indicative terms of the non-binding LOI were originally announced on April 3, and May 5, 2023.
About Turnium Technology Group, Inc.
Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that channel partners host, manage, brand, and price and as a managed cloud-native service provided by Turnium. Both Turnium SD-WAN offerings are available through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
For more information, contact sales@ttgi.io, visit www.turnium.com, or follow us on Twitter @turnium.
About SD-WAN
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
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Turnium Contact:
Chairman: Ralph Garcea, Email: rgarcea@ttgi.io, Telephone: +1 416-304-9125
Investor Relations: Bill Mitoulas, email: investor.relations@ttgi.io, telephone: +1 416-479-9547
Media inquiries, please email media@ttgi.io
Sale inquiries, please email sale@ttgi.io
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Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the Company may terminate and not proceed with the Agreement, or that the Agreement and associated transactions will not be successfully completed for any reason (including failure to obtain the required acceptance from the TSX Venture Exchange). The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.