Large Contract Win

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14 October 2022

NARF INDUSTRIES PLC

NEW LARGE R&D CONTRACT WIN WITH DARPA

Narf Industries plc ("Narf", the "Company", or the "Group") (LSE: NARF)(OTCQB: NFIN.F) the cybersecurity group specialising in high-end threat intelligence and critical infrastructure security is pleased to announce that its subsidiary, Narf Industries LLC, has signed a large multi-million dollar Research & Development ("R&D") contract with the US Government's Defense Advanced Research Projects Agency ("DARPA"), (the "Contract").

Highlights

●     Large R&D Contract for $6.3m starting immediately

●     Feeding the Revenue Pipeline for Narf and further establishing relationship with DARPA and the US Department of Defense ("DoD")

●     Narf's commercialisation efforts of R&D results could start by the end of 2023

●     See DARPA's announcement for details on HARDEN

Contract Details 

Narf has signed a contract (the "Contract") with DARPA for work to commence immediately. The commercial revenue value of the Contract to Narf is $6.3 million. The Contract falls under DARPA's Hardening Development Toolchains Against Emergent Execution Engines ("HARDEN") program.  Narf will own and have sole responsibility for commercialising the Intellectual Property rights arising from the R&D work. The US Government will retain "right of use" access on normal commercial terms.

Narf has been building its relationship with the DoD over recent years and this new contract is now the third specific DARPA programme that Narf has been involved with in the last 18 months. The first two of which have resulted in products moving closer to commercialisation, being Narf's SAFEDOCS and RANGER products.

CEO, Steve Bassi, said: "This is the largest single R&D contract in Narf's history. Whilst it may be too early to be definitive on the eventual commercial potential of Product(s) spun out of the R&D work, we are anticipating it to be substantial. We will know more as the program develops.

A lot of credit goes to the team. They have, again, proven their ability to win contracts for development of highly advanced, path-breaking, cyber security systems. I'll be updating shareholders as our R&D efforts progress towards commercializable results."

ENDS

For further information please see Narf's blog post, visit www.narfgroup.com or contact:

About NARF Industries plc

Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber security group specialising in high-end threat intelligence with a focus on critical infrastructure. The Group leads commissioned cyber security R&D and is commercialising a portfolio of products including TIGR that can be used by utilities and cyber first responders to restore power to electric grids and protecting other key infrastructure that have suffered a cyber-attack. The Group aims to further strengthen its portfolio organically and via acquisition; its team of highly qualified cyber security experts is well placed to identify opportunities.

Important notice

The content of this announcement has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (FSMA). This announcement has been issued by and is the sole responsibility of the Company. The information in this announcement is subject to change. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold, directly or indirectly, in or into the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States. This announcement is not for release, publication or distribution, directly or indirectly, in or into Australia, the Republic of South Africa, Japan or any jurisdiction where to do so might constitute a violation of local securities laws or regulations (a Prohibited Jurisdiction). This announcement and the information contained herein are not for release, publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction.