NTG Clarity Networks Inc.

NTG Clarity Networks Inc.

April 16, 2009 08:56 ET

NTG Clarity Networks Inc. Announces Year End 2008 Results

TORONTO, ONTARIO--(Marketwire - April 16, 2009) - NTG Clarity Networks Inc., (TSX VENTURE:NCI), a world leader in the telecommunications OSS market, today reported its 2008 year end results for the fiscal year ended December 31, 2008 (all figures in Canadian Dollars).

The Company reported revenues of $5,485,169 for 2008, a decrease from $6,277,197 for the same period last year. The net income increased to $539,418 in 2008 compared to a net income of $90,958 for the comparable period last year.

“We have reduced overhead and focused the business on delivery of our world leading OSS product and associated consulting services and training. During 2008, we implemented an aggressive marketing program for the Middle East that resulted in contracts with major carriers and well positioned us for this year” said Ashraf Zaghloul, Chairman and CEO.

“To build on our success, we will continue to aggressively market in the Middle East as it appears less impacted by current economic difficulties. We believe our recently announced joint venture with Al Mozoon Group is key to our success in expanding our products and services in the kingdom of Saudi Arabia and positions us into becoming a major player in the telecom sector there.”

“The NTG team is committed to the objective of becoming one of the leading names in the industry and is well positioned to meet future challenges”.

Income statement highlights for the year ended December 31, 2008 and 2007

          December 31, 2008       December 31, 2007  
  Revenue   $   5,485,169   $   6,277,197  
  Cost of revenue       2,452,900       2,786,042  
  Gross Profit       3,032,269       3,491,155  
  Expenses       2,492,851       3,400,197  
  Net Income for the period    $   539,418   $   90,958  

Balance Sheet Highlights as at December 31, 2008

          December 31, 2008       December 31, 2007  
  Cash, end of year   $   0   $   0  
  Bank Facility       673,337       570,842  
  Shareholder’s Equity       1,597,666       1,058,248  
  Total Assets       3,877,181       3,471,159  


Established in 1992, NTG Clarity has been a leader in delivering network, IT and infrastructure solutions to telecommunications service providers. The Company has approximately 120 employees, of which over 100 have expertise in telecommunications and information technology. NTG Clarity's services are offered internationally, with offices and operations currently in Toronto and Cairo, Egypt.

The company has maintained a record of consistently high performance, while establishing itself as a company with strong financial, technical and operational capabilities. NTG Clarity is recognized for its outstanding technical and project management skills, innovative use of advanced technologies, low cost operations and exceptional management capability.


NTG Clarity's mission is to be the worlds' leading networking solutions company. Established in 1992, NTG Clarity is a Canadian leader in delivering networking, IT and network-enabled application software solutions to network service providers and large enterprises. More than 100 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises. NTG Clarity's services are offered internationally, with offices and operations currently in Toronto and Cairo, Egypt.

Certain statements in this release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature.

These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management's estimates or opinions change.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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