Nexbis signs Malaysian contract
- 03 August, 2011 09:11
Mobile security company Nexbis (ASX:NBS) has revealed it has signed the agreement for its Malaysian national security system project.
The Malaysian ASX-listed company said it now expects to recognize revenue for the project backdated from 1 June.
The 12-year contract covers the provision, support and maintenance of the Nexcode identity management system.
Nexbis now expects total revenue from its current projects to be around $27 million, with an ebitda of $4 million.
Cash flow from the project should also be enough to fund current projects, including a China gas tank marking systems project announced in February, the company said.
Nexbis also hopes to use the project as a demonstration to help win business in other markets.
A border control project incorporating Nexcode in the Maldives has been on hold for a while, in the midst of reported complaints to corruption watchdogs over the circumstances behind the tender, but now appears to be going forward.
NBS shares rose 12.64 per cent on Tuesday to $0.098.
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