REG - Narf Industries PLC - Key New Executive Hire to Drive Growth in GS&S

Narf IndustriesAnnouncement

26/10/2023 07:00

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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
(http://www.narfgroup.com/)  or contact:

 

 John Herring                                    NARF                 jh@narfgroup.com
 Catherine Leftley/Paul Dulieu /Isabel de Salis  St Brides Partners   narf@stbridespartners.co.uk
 Peter Krens                                     Tennyson Securities  Tel: +44 (0)207 186 9030

 

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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