Fortune 500 Food Company Signs Five-Year Renewal for Boardwalktech Supply Chain Solution

Rhea-AI Summary

Boardwalktech Software Corp. (TSXV:BWLK, OTCQB: BWLKF) has secured a five-year extension contract with a Fortune 500 food and snack manufacturer for its supply chain solution. The client, generating $36 billion in annual revenue, is expected to contribute over US$300,000 in license revenue during the contract period, excluding potential professional services and usage-based revenue.

This marks the third expansion since the initial contract in 2015, facilitated through Boardwalktech's partnership with a Fortune 500 consulting and financial services firm. The company anticipates additional deals and referrals through this partnership in the current year. Boardwalktech's platform specializes in transforming unstructured and structured data into operational tools, serving Fortune 500 clients across food manufacturing, technology, telecommunications, and cosmetics sectors.

Positive

• Secured 5-year contract extension with Fortune 500 client worth US$300,000+
• Third contract expansion since 2015 demonstrates strong client retention
• Partnership with Fortune 500 consulting firm generating additional deal pipeline
• Diverse client base across multiple Fortune 500 sectors

Negative

• None.

CUPERTINO, Calif., Jan. 16, 2025 /PRNewswire/ - (TSXV:BWLK, OTCQB: BWLKF) – Boardwalktech Software Corp. ("Boardwalktech"), the leading digital ledger platform and enterprise software solutions company, announces that a Fortune 500 client has signed a 5-year extension to license and further deploy Boardwalktech's supply chain solution. The customer is a food and snack manufacturer generating $36 billion in annual revenue. The Company expects the renewal to generate in excess of US$300,000 of license revenue over the term of this extension, not including potential professional services work or usage-based upside revenue. Such competitive and confidential terms cannot be disclosed at this time. This renewal represents the third expansion by this customer from the initial contract signed in and renewed since 2015. This deal, and the expansion, was generated through one of Boardwalktech's partners – a Fortune 500 consulting and financial services firm, with additional active deals and referral via that partner expected this year.

"This contract renewal is a testament to the strengths of both Boardwalktech's supply chain solution as well as our account management efforts, and the value customers derive from our platform," said Andrew T. Duncan, Chief Executive Officer of Boardwalktech. "Our supply chain automation and informational intelligence solutions turns unstructured and structured data into powerful tools that drive customer efficiencies. This renewal adds to our existing portfolio of Fortune 500 clients not only in food manufacturing but also technology, telecommunications, and cosmetics, illustrating the universality of our solutions. Our pipeline remains robust in both supply chain and the banking verticals, and we look forward to providing investors with more updates on our progress as we convert our pipeline."

About Boardwalktech Software Corp.

Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 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".

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are 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 to be materially different from those expressed or implied by such information and statements.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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SOURCE Boardwalktech Software Corp.

FAQ

How much revenue will BWLKF generate from the new 5-year contract extension?

The contract extension is expected to generate over US$300,000 in license revenue, not including potential professional services work or usage-based upside revenue.

When did BWLKF first sign the contract with this Fortune 500 food manufacturer?

The initial contract was signed in 2015, and this represents the third expansion since then.

What industries does BWLKF currently serve with its supply chain solutions?

BWLKF serves Fortune 500 clients across food manufacturing, technology, telecommunications, and cosmetics sectors.

What is the annual revenue of BWLKF's Fortune 500 food manufacturing client?

The food and snack manufacturing client generates $36 billion in annual revenue.

How is BWLKF acquiring new business opportunities?

BWLKF is acquiring opportunities through partnerships, specifically with a Fortune 500 consulting and financial services firm that helped secure this contract renewal.