SuperCom Announces New Contract Win in North California
Rhea-AI Summary
SuperCom (NASDAQ: SPCB) has announced a new contract win through its subsidiary, Leaders in Community Alternatives (LCA), to provide housing and case management services in North California. The contract, expected to start in summer 2024 and last for two years, is projected to generate nearly $500,000 in annual recurring revenue. This marks SuperCom's fourth contract win in North America in 2024. The program aims to support youth and individuals transitioning from housing by offering high-quality, individualized services to aid in their reintegration and reduce recidivism. The client plans to extend the program beyond its initial term. SuperCom's CEO, Ordan Trabelsi, emphasized the company's commitment to providing transformative support services and expanding its reach in community rehabilitative services.
Positive
- New contract expected to generate nearly $500,000 in annual recurring revenue.
- Fourth contract win in North America in 2024, indicating growing business momentum.
- The program aims to support youth and transitioning individuals, potentially reducing recidivism.
- Client plans to extend the program beyond the initial two-year term, suggesting long-term collaboration.
- SuperCom continues to strengthen its position in rehabilitative services and secure solutions.
Negative
- Details on costs associated with the new contract are not disclosed, which could impact profitability.
- There is no mention of any competitive bids or challenges faced in securing this contract.
News Market Reaction
On the day this news was published, SPCB gained 5.05%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Expected to generate nearly
The initiative represents a significant collaboration between LCA, its local partners. The program aims to support youth reentering the community by delivering high-quality, individualized services that link them to appropriate resources and support systems, ultimately aiding in their successful reintegration and reducing recidivism.
"We are honored to lead this critical initiative. This program underscores our commitment to providing comprehensive support services that make a tangible difference in the lives of young individuals. By focusing on evidence-based case management, we are addressing some of the most pressing needs of youth in transition," commented Ordan Trabelsi, President and CEO of SuperCom.
"This new contract allows us to expand our reach and offer our services to a new community. We are dedicated to creating value for government customers and the communities they serve, and we look forward to the positive outcomes this program will achieve. With this new project, SuperCom continues to strengthen its position as a leader in providing rehabilitative services and secure solutions while actively pursuing additional opportunities to serve communities worldwide," Ordan Trabelsi concluded.
About SuperCom
Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced safety, identification, and security solutions to governments and organizations, both private and public, worldwide. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance, and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries, including security and safety, community public safety, law enforcement, electronic monitoring, and domestic violence prevention. For more information, please visit SuperCom's website, www.supercom.com
About Leaders in Community Alternatives, Inc. (LCA)
LCA is one of
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical or current facts. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the statements made. Examples of these statements include, but are not limited to, statements regarding business and economic trends, the levels of consumer, business and economic confidence generally, the adverse effects of these risks on our business or the market price of our ordinary shares, and other risks and uncertainties described in the forward-looking statements and in the section captioned "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2023, filed with the
SuperCom Investor Relations:
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SOURCE SuperCom
FAQ
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