Key New Executive Hire to Drive Growth in GS&S

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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 or contact:

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.