Swift secures two new technology, entertainment and support contracts and two


Swift signs new contracts worth AUD2m. (Credit: Sozavisimost from Pixabay)

Swift Media Ltd (ASX:SW1, “Swift” or “the Company”) today announced it has entered into two new sales agreements and two contract extensions to deploy the Company’s proprietary communication and entertainment solutions to Mining and Resources clients’ sites. These contracts will generate up front installation fees and recurring revenues. The Total Contract Value of the agreements is $2M and includes:

Atlas Iron Pty Ltd Miralga Creek and Sanjiv Ridge – Two new contracts

Swift has signed agreements with Atlas Iron across two villages for 304 rooms to provide Swift’s On Demand communication and entertainment platform and ongoing support for a 36 month term, plus Wi-Fi internet, fibre works, GPON network replacement, data cabling for the Miralga Creek Village starting March 2021. The contract has upfront installation and a recurring revenue component.

Anglo Gold – Contract extension

Swift has extended the Anglo Gold contract supplying in-room entertainment and ongoing support in 1,042 rooms for 11 months starting February 2021. The contract is for recurring revenue.

Inpex Operations – Contract extension

Swift has extended its contract with Inpex this month to continue to provide in-room entertainment, the On Demand communication and entertainment system and support for two offshore vessels across 394 rooms for a further eight months from June 2021. The contract is for recurring revenue.

Whilst the aggregate revenue from these contracts is material to the Company, no individual contract will provide material revenues in its own right.

Source: Company Press Release