NewMarket Technology to Provide Microsoft Solution to Oil Company

NewMarket Technology, Inc. has announced it is entering into a $2.5 million, three-year contract to implement and maintain a Microsoft solution for an oil-industry company.

 

Officials said that the contract was signed by NewMarket’s Microsoft (News - Alert) Solution Provider subsidiary in South America. The subsidiary is reportedly a Microsoft “Large Account” reseller and enterprise software advisor in South America.

 

NewMarket and its subsidiaries said they are currently focused on shifting the company’s revenue stream from short-term, project-based contracts to long-term managed services contracts.

 

Officials said that NewMarket has already announced approximately $67 million in new sales contracts this year, not including today’s announced contract and a $15 million letter of intent recently signed by the company’s operation in China anticipated to close by year-end.

 

The company said it expects record sales in 2009 with the potential for $100 million in total contracts. Already, the company has reported more than $43 million in profitable revenue for the first six months of 2009.

 

In addition to its base of operations in North America, NewMarket has operations today in the growing economies of China, Southeast Asia, Brazil and Northern Latin America.

Recently NewMarket Technology (News - Alert) had announced signing a letter of intent (LOI) in China for a second large outsourcing opportunity in China and the third this year for company.

 

NewMarket also recently announced a $30 million contract signed with Beijing Chuangzhitongda Technology Development and a $33 million outsourcing agreement with WBA (Wireless Broadband Access) Telecommunications, S.A.

 

The company has also signed more than $2 million in contracts supporting strategic Microsoft installations.