BOARDWALKTECH LANDS NEW CLIENT AND FOURTH LICENSE EXPANSION WITH EXISTING CUSTOMER
New License from Workflow-tech Company plus a Fourth License with Global Consumer Products client
CUPERTINO, Calif., June 1, 2023 /CNW/ - Boardwalktech Software Corp ("Boardwalktech" or the "Company"), (TSXV: BWLK) (OTCQB: BWLKF) the leading Digital Ledger platform and enterprise software applications company, is pleased to announce that it has both added another new customer to its list of growing clients while securing a fourth license with an existing global customer. These client expansions reflect the ongoing success of Boardwalktech's "land and expand" strategy and includes multiple additional applications to be run on the Boardwalk Data Management platform.
Incremental revenue from these contracts is expected to exceed $200,000 in the next twelve months, over $100,000 of recurring revenue in the first year, adding to the existing annual recurring revenue ("ARR") in subsequent years for these customers. While the Company cannot disclose specifics of the respective deals due to the confidential and competitive nature of these agreements, they are projected to have similar margins in line with other recent deals and those reported in the Company's financial reports.
"We continue to make excellent progress on our land and expand program increasing annual recurring revenues as more customers continue to see value from and increase usage of the Boardwalk Platform," said Andrew T. Duncan, CEO of Boardwalktech. "We are equally pleased to welcome another new customer in the technology sector, who have recognized the benefits of the Boardwalk Data Platform to help them improve workflow data management, streamlining several of their internal processes which will deliver a terrific and measurable ROI".
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Forune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or statements 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 may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
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An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in the Company's filing statement dated May 30, 2018. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
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