[October 06, 2015] |
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Sysorex Announces Signing of $91 Million Contract
Big data analytics and solutions provider Sysorex (NASDAQ: SYRX)
announced today that it has signed a $91 million contract to make its
software and information systems the central nervous system for a new
state-of-the-art "smart" community being developed to house 4,000
employees working on construction projects in the State of Qatar. Under
the terms of the 15-year contract, Sysorex will operate as the
community's intelligent infrastructure providing a full range of
services including information technology, AirPatrol location-based
security products, data analytics, cashless payment systems, campus-wide
WiFi (News - Alert) and Internet-based TV, facilities management and public safety
management for police, fire and medical personnel.
"The scope and magnitude of this project makes it especially exciting,"
said Sysorex CEO Nadir Ali. "The design and development will involve
every one of our core competencies from advanced IT infrastructure to
leading-edge mobile locationing and data analytics."
The project is led by developer, Daruna For Real Estate Development
(Daruna), which designed the project as a modern college campus-style
community that includes living accommodations, recreation and
entertainment, healthcare and retail facilities for 4,000 workers on key
infrastructure projects in Qatar including the FIFA World Cup 2022 and
Qatar National Vision 2030.
"We chose Sysorex for this development because the combination of
products, services and insights it provides is unique," said Daruna CEO
Michael Murphy (News - Alert). "We couldn't find a solutions partner for this project
as comprehensive as Sysorex's anywhere else."
In July 2015, Sysorex announced an initial $2.5 million contract with
Daruna to use AirPatrol as a security and asset management platform.
This new contract expands that arrangement, extending Sysorex's
involvement onto nearly every aspect of te community's management and
operation. The 15-year contract is expected to start in the second
quarter of 2016. Sysorex will receive approximately $6.1 million per
year.
About Sysorex
Sysorex develops the systems and solutions that power the data-driven
enterprise. With an innovative approach to big data, analytics and the
Internet of Things (IoT), we blend virtual data from software and
networks with the huge volume of physical data generated by mobile
devices and Internet-connected things to open new worlds of insight. Our
unique solutions are helping organizations worldwide improve
decision-making, increase productivity, and fuel the discoveries of
tomorrow. Headquartered in Palo Alto (News - Alert), California, we have regional
offices in North America, South America, the Pacific Rim, Europe and the
Middle East. Visit www.sysorex.com,
follow us @SysorexGlobal and Link
up on LinkedIn.
Safe Harbor Statement 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,
including the amount and timing of payments under terms of the contract
with Daruna, 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 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 global economic conditions,
the performance of management and employees, the company's ability to
obtain financing, competition, general economic conditions and other
factors that are detailed in the company's periodic and current reports
available for review at www.sec.gov.
Furthermore, we operate 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. We disclaim any intention to, and
undertake no obligation to, update or revise forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151006006105/en/
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