TIDMNARF
RNS Number : 3000R
Narf Industries PLC
26 October 2023
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26 October 2023
NARF INDUSTRIES PLC
Key New Executive Hire to Drive Growth in GS&S Sector
NARF Industries plc ("NARF", the "Company", or the "Group"),
(LSE: NARF) (OTCQB: NFIN.F) the cybersecurity group specializing in
high-end threat intelligence for critical infrastructure security,
is pleased to announce a significant executive hire to lead its
Government Solutions and Services ("GS&S") business sector.
NARF is experiencing substantial growth in its GS&S sector
through its exclusive five-year US Government Omnibus Contract for
cutting-edge solutions to defend the nation's critical
infrastructure. To spearhead this sector and drive its strategic
growth, Austin Fletcher has joined NARF as the Vice President of
GS&S. Mr. Fletcher is a former US Department of Defense
cybersecurity researcher and engineer, and more recently
Cybersecurity Research Director at Carlyle Group's Two Six
Technologies.
Mr. Fletcher will work alongside Dr. Michael Locasto, head of
NARF's Government Research and Development (GR&D) sector, who
joined NARF from SRI International, a world-renowned research
organization. Under Dr. Locasto's leadership, NARF has grown
GR&D too and is now working across five research and
development contracts from multiple agencies including DARPA and
DoE as well as its recently announced $1.8 million ARPA-H
contract.
NARF reported full year revenue in 2022 of US$2.56 million and
achieved half year 2023 revenue of US$3.26 million.
Steve Bassi, CEO of NARF commented: "NARF's ability to attract
high impact players is critical to our strategic plans and in
particular, this pivotal role in the future of our business. We are
excited to have Austin join us and lead this high growth sector
that, in tandem with GR&D successes, is propelling NARF to
achieve record operational and financial results."
**ENDS**
For further information on the Group please visit
www.narfgroup.com or contact:
John Herring NARF jh@narfgroup.com
Catherine Leftley/Paul St Brides Partners narf@stbridespartners.co.uk
Dulieu /Isabel de Salis
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Peter Krens Tennyson Securities Tel: +44 (0)207 186
9030
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About NARF Industries plc
NARF Industries (LSE: NARF) (OTCQB: NFIN.F) is a US based
leading provider of cybersecurity research, solutions, and services
to government entities. With a steadfast commitment to protecting
national security and critical infrastructure, it offers
comprehensive expertise in addressing the evolving cyber threats
faced by its clients.
NARF works with various US government agencies including the
Department of Defense ("DoD"), the Defense Advanced Research
Projects Agency ("DARPA"), and the Department of Homeland Security
("DHS"). The Group often collaborates with world renowned private
research companies and leading educational establishments in the
performance of contracts.
NARF's strong track record of successful contract performance
underscores its ability to deliver results. It understands the
critical nature of the work performed by these agencies and the
importance of maintaining the confidentiality and integrity of
their missions.
With NARF's industry-leading expertise, advanced technologies,
and unwavering commitment to excellence, it provides the US
government with the confidence and peace of mind it needs to
navigate the complex and ever-changing cybersecurity landscape.
The Group's strategy leverages government funded research and
business to create and fund innovative and disruptive products for
billion-dollar commercial cybersecurity markets and it has two key
business areas:
Government Research and Development ("GR&D")
-- The Group has a successful history of tendering for, and
winning, government R&D contracts for groundbreaking
technologies, predominantly from DARPA. Its research work is
focused on three, multi-billion cybersecurity market segments:
critical infrastructure protection; open-source software (OSS)
vulnerabilities; and threat intelligence.
-- For these contracts, the Government agency retains government
purpose rights, but the Group has the sole right to sell new
solutions using the intellectual property (IP) to the government
(i.e., GS&S business). For commercial markets the Group owns
the IP rights.
-- The GR&D contracting process may range from 9 to 15
months and once awarded, performance can range up to 18 months or
longer. The Group projects stepped growth in its GR&D business
targeting synergistic research areas that complement its current
rich IP portfolio.
Government Solutions and Services ("GS&S")
-- The Group develops solutions and performs services for
various US government agencies. Its software solutions address
immediate cybersecurity mission needs. These needs continually
evolve as the nature of cybersecurity threats change, so it also
provides on-going services supporting the operations of the
delivered software solution.
-- The Group enjoys a unique competitive position with GS&S
work through a recently renewed 5-year omnibus contract. This
streamlines government procurement cycles and gives multiple
agencies access to the Group's solutions and services. Agencies
execute task orders, many with awards justified on a sole source
basis.
-- The timing from ideation of task to award is 3 to 6 months.
Tasks performance typically range from 6 to 12 months to complete,
at which time software is delivered and integrated into an
operational system.
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