Join our daily newsletter At The Bell to receive exclusive market insights
- Telecom and digital entertainment business Swift Media (SW1) has won three new contracts and a contract extension worth $2 million in total
- The company will deploy its proprietary communication and entertainment solutions to the mining and government client’s locations
- Installations for some of the contracts are currently underway with the remainder to be completed this month
- Swift recently announced a $4 million capital raise via a $3 million placement and a $1 million share purchase plan to speed-up growth
- Shares in Swift Media are currently trading grey at 3.3 cents each
Telecom and digital entertainment business Swift Media (SW1) has won three new contracts and a contract extension totalling $2 million.
The company will deploy its proprietary communication and entertainment solutions to the mining and government client’s locations.
Installations for some of the contracts has already commenced as of November, with the remaining due to start this month.
New contracts
Swift signed a new agreement with an undisclosed government facility to install its technology and support services in 161 rooms, with the scope for an additional 100 rooms. The arrangement is for an initial period of 26 months.
Further appointments include Mineral Resources (MIN), who have appointed Swift for the provision of in room entertainment for 338 new rooms for a 16 month term and Tronox Gingko, which includes 397 new rooms for a 12 month term.
Swift’s contract extension is for a quarantine camp, for which they provide 24/7 technological support with an upfront and ongoing revenue component. This contract has been extended from 780 rooms to 1000 rooms as of November.
Swift recently announced a $4 million capital raise, via a $3 million placement and a $1 million share purchase plan, all aimed at helping to accelerate its growth.
Shares in Swift Media are currently trading grey at 3.3 cents each at the close of market on Tuesday.
