SOURCE: WidePoint Corporation

October 24, 2007 09:30 ET

WidePoint Announces Third Quarter Contract Awards

Awards Add Over $28 Million to Potential Future Revenues

FAIRFAX, VA--(Marketwire - October 24, 2007) - WidePoint Corporation (AMEX: WYY), a leading provider of information technology assurance and identity management services, today announced that it has been awarded a number of contracts by various federal agencies and commercial customers during the third quarter representing a total of more than $28 million in backlog. Revenues from these awards should be realized over their respective contract lives.

Contracts awarded during the quarter ending September 30, 2007, included multi-year agreements to provide support and credentialing services for a major international U.S. federal government contractor supporting a U.S. federal agency credential program; an agreement to provide two-factor authentication products and services to the Department of Commerce; and, the listing of the Company's information assurance and identity management solutions in the State of California's Department of General Services procurement schedule.

Two follow-on awards from existing customers were also signed during the quarter with the Navy Supply Information Systems Activity, which coordinates IT projects throughout the U.S. Navy Fleet, and the GSA E-Authentication Federation for credentialing services.

During the quarter execution of existing contract options to support the Department of Labor, Federal Housing Finance Board, National Science Foundation, National Oceanic and Atmospheric Administration, Federal Trade Commission, and the Department of Justice/ Federal Bureau of Investigation were also signed, along with extensions of several commercial customer projects and assignments. In addition, the GSA executed the first option year to provide government-wide Managed Validation and Translation Service (MVTS) service and support.

WidePoint CFO Jim McCubbin said, "We are pleased to witness the awards of several new contracts and opportunities along with the extensions of several existing contracts from our current customer base. The awards increased our backlog of potential revenues materially during the quarter. The awards also demonstrated the continued recognition of our identity management solutions expertise within the marketplace. We look forward to providing our shareholders with further details of our third quarter during our next investor conference call to be scheduled for mid-November."

About WidePoint

WidePoint is a technology-based provider of products and services to the government sector and commercial markets. WidePoint specializes in providing systems engineering, integration and information technology services. WidePoint's wholly owned subsidiary, ORC, is at the forefront of implementing government-compliant eAuthentication identity management managed services and associated systems engineering/integration. ORC has earned four major U.S. federal government certifications offering the highest levels of assurance for transactions over the Internet.

WidePoint's profile of customers encompasses U.S. Federal Government agencies, including the Department of Defense, the Department of Homeland Security and the Department of Justice as well as major U.S. defense contractors and several major pharmaceutical companies. For more information, visit http://www.widepoint.com.

An investment profile about WidePoint may be found at http://www.hawkassociates.com/wyyprofile.aspx.

For investor relations information regarding WidePoint, contact Frank Hawkins or Cale Smith, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com.

Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk factors disclosed in the company's Forms 10-K and 10-Q filed with the SEC.

Contact Information