Fairfax, VA – May 2, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will hold a conference call on Monday, May 16, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2022. Financial results will be issued in a press release prior to the call.
WidePoint’s management will host the conference call, followed by a question and answer period.
Date: Monday, May 16, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Access Code: 384243
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, May 30, 2022.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 45316
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – April 19, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will be presenting at the Planet MicroCap Showcase at the Bally’s Hotel & Casino in Las Vegas, NV on Wednesday, May 4, 2022 at 9:30 AM PT.
WidePoint management’s presentation will be webcast and available for replay here.
To book a one-on-one investor meeting, and to attend the Planet MicroCap Showcase 2022, please register here. To receive additional information, please contact [email protected].
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – March 28, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), today reported results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021 and Recent Operational Highlights:
- Acquired IT Authorities, Inc. (ITA) an award-winning provider of comprehensive information technology (IT) as a service (ITaaS)
- Appointed Robert “Bob” George as Chief Financial Officer, who will officially take the role on April 1, 2022. George replaces Kellie Kim, who previously announced her retirement in November 2021
- Expanded the company’s portfolio of secure technology management as a service offerings
- Awarded corporate contract for Software Solutions from the State of Texas Department of Information Resources (DIR), focusing on Mobile and Wireline Software as a Service solutions
- Announced that WidePoint’s Public Key Infrastructure (PKI) Identity Management solutions are Quantum-resistant
- Purchased approximately 299,500 shares of common stock during 2021 at an average price of $4.14 as part of the previously announced share repurchase program
- Achieved FedRAMP Ready Status for WidePoint’s proprietary Intelligent Technology Management System (ITMS™) platform
- Awarded new contract to deliver Identity and Access Management credentials to a District of Columbia government branch
Fourth Quarter 2021 Financial Highlights:
- Revenues were $24.5 million
- Managed Services revenue increased by 25% to $11.1 million, excluding the completed 2020 Census Project
- Gross margin was 16.3%
- Net loss totaled $575,000, or a loss of $0.06 per diluted share*
- EBITDA, a non-GAAP financial measure, was $319,000
- Adjusted EBITDA, a non-GAAP financial measure, was $541,000
- As of December 31, 2021, cash and cash equivalents equaled $6.5 million
(*Net loss reflects acquisition related expense of $0.2 million and a benefit of $0.6 million due to fair value adjustment of contingent earn-outs)
Full Year 2021 Financial Highlights:
- Revenues were $87.3 million
- Managed Services revenue was $37.6 million
- Gross margin improved to 18.7%
- Net income totaled $341,000, or $0.04 per diluted share*
- EBITDA, a non-GAAP financial measure, was $2.9 million
- Adjusted EBITDA, a non-GAAP financial measure, was $3.8 million
(*Net income reflects acquisition related expense of $0.2 million, a benefit of $0.6 million due to fair value adjustment of contingent earn-outs, and $1.3 million benefit due to payroll tax credit.)
Management Commentary
“We continue to execute our growth strategy for organic and inorganic growth by investing back into our business and by operating our business in a profitable manner,” said WidePoint’s CEO, Jin Kang. “Even with the persisting macroeconomic headwinds, our business is stable and profitable thanks to the proactive measures our team has put in place to minimize costs and maximize synergies internally. It has been encouraging to witness the previous investments made into our business bearing fruit as a result of an expanding sales pipeline and a greater percentage of those sales opportunities getting close to execution.
“Additionally, with the integration of ITA nearing completion and the progress we are experiencing on leveraging upsell and cross-sell opportunities, we intend to find other organizations akin to ITA to fulfill our inorganic growth plan. With this dynamic transformation of our company, more specifically, bringing Information Technology as a Service or ITaaS under the WidePoint umbrella, and further focusing on our cybersecurity capabilities and broadening our customer base, we are maximizing our opportunities for future growth. This upcoming year, as we ramp up multiple go-to-market strategies and invest in high ROI initiatives, we are primed to maximize WidePoint’s potential.”
Fourth Quarter 2021 Financial Summary
| (in millions, except per share amounts) | Dec. 31, 2021 | Dec. 31, 2020 |
| (unaudited) | ||
| Revenue |
$24.5
|
$28.4
|
| Gross Profit |
$4.0
|
$4.8
|
| Gross Profit Margin |
16.3%
|
17.0%
|
| Operating Expenses |
$4.8
|
$4.1
|
| Income from operations |
$(0.8)
|
$0.7
|
| Net (Loss) Income |
$(0.6)
|
$8.3
|
| Basic Earnings per Share (EPS) |
$(0.06)
|
$0.96
|
| Diluted Earnings per Share (EPS) |
$(0.06)
|
$0.94
|
| EBITDA |
$0.3
|
$1.1
|
| Adjusted EBITDA |
$0.5
|
$1.3
|
Full Year 2021 Financial Summary
| (in millions, except per share amounts) | Dec. 31, 2021 | Dec. 31, 2020 |
| (unaudited) | ||
| Revenue |
$87.3
|
$180.3
|
| Gross Profit |
$16.4
|
$20.5
|
| Gross Profit Margin |
18.7%
|
11.3%
|
| Operating Expenses |
$15.8
|
$17.2
|
| Income from operations |
$0.6
|
$3.2
|
| Net (Loss) Income |
$0.3
|
$10.3
|
| Basic Earnings per Share (EPS) |
$0.04
|
$1.22
|
| Diluted Earnings per Share (EPS) |
$0.04
|
$1.20
|
| EBITDA |
$2.9
|
$4.9
|
| Adjusted EBITDA |
$3.8
|
$5.7
|
A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below.
Financial Outlook
The company expects to grow its managed services revenues 5-10% and will provide full guidance for 2022 during its Q1 2022 earnings call.
Suspension of Share Repurchase Program
The company had reinstated its prior share repurchase program which was suspended on March 9, 2020 as a precaution due to the COVID-19 pandemic. Following such reinstatement, the Board of Directors increased the size of the repurchase program to $5.0 million, increasing the amount available for repurchases to $4.6 million. Under the share repurchase program, repurchases of the issued and outstanding shares would be made from time-to-time in open market and privately negotiated transactions. In the quarter ended December 31, 2021, WidePoint repurchased 299,494 shares at an average price of $4.14. Subsequent to December 31, 2021, the company repurchased an additional 196,586 shares at an average price of $4.11. In March of 2022, the board suspended the repurchase plan in order to use the company’s excess funds to invest into the business.
Conference Call
WidePoint management will hold a conference call today (March 28, 2022) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
WidePoint’s President and CEO Jin Kang, Executive Vice President and Chief Sales and Marketing Officer Jason Holloway, and CFO Kellie Kim will host the conference call, followed by a question and answer period.
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Passcode: 554975
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, April 11, 2022.
Toll-free replay number: (877) 481-4010
International replay number: (919) 882-2331
Replay ID: 44743
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA and Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below:
WidePoint uses adjusted EBITDA as supplemental non-GAAP measure of performance. WidePoint defines EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes and (iii) depreciation and amortization. Adjusted EBITDA excludes certain amounts included in EBITDA. WidePoint is not providing a quantitative reconciliation of adjusted EBITDA in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, WidePoint does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, WidePoint is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by estimated adjusted EBITDA (non-GAAP).
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as “aim,” “anticipate,” “assume,” “believe,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “positioned,” “predict,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the ability to achieve expected benefits from the acquisition of ITA, the ability to achieve the financial outlook included herein, the impact of the COVID-19 pandemic on our business and operations; the impact of any supply chain interruptions; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expansion of services of existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to retain key personnel; and the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 28, 2022. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Fairfax, VA – March 17, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will be virtually presenting at the Maxim 2022 Virtual Growth Conference, which is being held on March 28-30, 2022.
WidePoint management’s presentation will be webcast and available for replay here. To receive additional information, or to schedule a one-on-one meeting, please contact [email protected].
About Maxim Virtual Growth Conference
During this virtual conference, investors will hear from executives from a wide range of sectors including Biotech, Clean Energy, Electric Vehicles, Financial Services, Fintech & REITS, Gaming & Entertainment, Healthcare, Healthcare IT, Infrastructure, Shipping and Technology/ Media/Telecom. The conference will feature company presentations, fireside chats, roundtable discussions, and live Q&A with CEOs moderated by Maxim Research Analysts.
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – March 14, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), has appointed Robert “Bob” George as Chief Financial Officer (“CFO”) who will officially take role on April 1, 2022. George replaces Kellie Kim, who previously announced her retirement in November 2021.
George brings more than 30 years of diverse business experiences ranging from entrepreneurial companies to publicly traded multinational corporations. He has extensive tenure in strategic planning, financial forecasting and analysis, all aspects of the merger and acquisition process, financial systems design and implementation, and building and managing successful finance teams and organizations. He most recently served as CFO of Exovera, a SOS International subsidiary. George’s prior experience also includes executive roles at Exelis Incorporated, Computer Sciences Corporation, OAO Technology Solutions Inc., and AppNet Systems Inc. He also has led and successfully completed 32 acquisitions of both public and private companies.
George graduated from the University of Maryland at College Park with a Bachelor of Science in Accounting.
“On behalf of WidePoint, I am delighted to welcome Bob to the executive leadership team,” said Jin Kang, WidePoint’s CEO. “We are confident that Bob’s impressive track record as a finance executive in the technology, software and systems development, government services, aerospace and defense, and global business markets will contribute tremendous value to WidePoint as we execute our long-term growth strategy, deliver strong program performance, and expand through organic and M&A initiatives. Bob’s extensive M&A and capital market experience is exactly what we need to execute our strategy for growing through acquisitions.”
George stated, “This is a great time to be joining WidePoint especially as interest in our solutions, particularly our cybersecurity and ITaaS offerings, are expanding. I appreciate the confidence of Jin, the executive leadership team and Board of Directors and look forward to working together to chart the brightest future.”
Kang added, “While we are very excited for Bob to join our team, I also want to add a note of gratitude to Kellie Kim, our departing CFO. Kellie delayed her retirement to ensure that WidePoint would have the time needed to find a great successor, and in Bob, we have done that. Thanks to Kellie for her stamina and strategic guidance these past years; we wish her all the best.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – March 9, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will hold a conference call on Monday, March 28, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2021. Financial results will be issued in a press release prior to the call.
WidePoint’s management will host the conference call, followed by a question and answer period.
Date: Monday, March 28, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: (888) 506-0062
International number: (973) 528-0011
Access Code: 554975
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, April 11, 2022.
Toll-free replay number: (877) 481-4010
International replay number: (919) 882-2331
Replay ID: 44743
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – February 28, 2022 – WidePoint Corporation (NYSE American: WYY), an innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), announced today an expansion of the company’s portfolio of secure technology management as a service offerings.
Jin Kang, WidePoint’s CEO, stated: “In 2021, WidePoint proactively focused on product development initiatives needed to expand our portfolio of solutions to power opportunities for material growth in 2022 and beyond. As a company recognized for pioneering IAM, Mobility Management, ITaaS and Digital Billing & Analytics solutions that work will always continue. Our expertise in these vital technology areas provides the foundation for WidePoint to ask, ‘What’s next? What will government and commercial enterprises need to tackle increasingly complex cybersecurity, mobility and technology management challenges?’ I am excited to announce details of our technological achievements and expanded offerings.”
WidePoint Cybersecurity Solutions Corp.
The WidePoint-ORC Cybersecurity team developed next generation federally-certified IAM solutions. Achievements include:
- Quantum-resistant Public Key Infrastructure (PKI) solutions
- Implementing an additional commercial Certificate Authority (CA) for K-12
- Continuing to expand PKI beyond federal to commercial, state, local and education entities
- Expanding Identity, Credentialing and Access Management (ICAM) clients by partnering with 22Vets, a Service-Disabled Veteran-Owned Small Business (SDVOSB)
IT Authorities
IT Authorities is now positioned as WidePoint’s ITaaS, Cloud Services and Managed Service anchor. Since the acquisition in October 2021, ITA has achieved:
- SOC II certification
- Recognition in the Top 100 Vertical Markets MSPs in the world by Channel e2e
- Managed Security Service Provider (MSSP) status in addition to being a Managed Service Provider
WidePoint Integrated Solutions Corp. & WidePoint Mobile Corp.
WidePoint’s comprehensive Mobility, Inventory and Asset Management Services team achieved important government and industry product and service certifications. Significant developments include:
- FedRAMP Ready Status for WidePoint’s technology management platform
- R2v3 Certification for the Columbus Ohio WidePoint Mobile Corp. recycling facility
- WidePoint Mobile Corp. recognized by the International Organization for Standardization (ISO) 9001, 14001, 45001 for quality, environmental, and occupational health and safety
- Recognized as an Honorable Mention Vendor in the 2021 Gartner® Magic Quadrant for Managed Mobility Services, Global
- Recognized in the Gartner® Market Guide for Telecom Expense Management Services, 2021
- Expanding service offerings to include Utility Expense Management
- Expanding partnerships with multiple carriers and Systems Integrators
Soft-ex
The Soft-ex team expanded the company’s Digital Billing & Analytics platform for Unified Communications (UCaaS) to address the new hybrid workplace. Soft-ex was awarded Microsoft Co-Sell Ready Status for Innovative UC Voice Analytics & Billing Solution.
Jason Holloway, WidePoint’s Chief Sales and Marketing Officer, stated: “WidePoint is proud of our team and excited by the expertise and talent that achieves these rigorous advances. By committing to the difficult, WidePoint delivers solutions that deliver. These are not easy wins. These developments also support refreshing our solution terminology. For example, ‘Identity Management’ (IdM) is now ‘Identity and Access Management’ (IAM) or ‘Identity, Credentialing and Access Management’ (ICAM). Like our solutions, WidePoint is always evolving.”
Kang added, “We are excited by the increased interest in our solutions and how our strategic partnerships are helping to introduce the value of WidePoint to robust pipelines of opportunities. In a landscape that is now defined by ‘Zero Trust,’ WidePoint’s solutions are trusted.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – February 7, 2022 – WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IAM), Managed Mobility Services (MMS), Telecommunications Lifecycle Management (TLM), and Digital Billing & Analytics solutions, announced a new Cooperative Contract award for Software Solutions from the State of Texas Department of Information Resources (DIR). The focus of the contract is Mobile and Wireline Software as a Service (SaaS) solutions. The contract is valid until November 15, 2022 with two (2) one-year optional renewals.
Jin Kang, WidePoint’s CEO, stated: “This award makes WidePoint’s MMS and Telecom Management solutions available to 5,000 state and local governments, public education, other public entities in Texas, as well as public entities outside of the state. Much like our GSA contract, this cooperative contract makes it easier for public entities to procure WidePoint’s technology management solutions.”
“WidePoint is excited to be a part of the Texas DIR Cooperative Contracts Program, as we recognize the impact and reach of their visionary procurement program in Texas and beyond,” said Todd Dzyak, President of WidePoint Integrated Solutions Corporation. “Our team has already hit the ground running, as we look forward to delivering for public entities in Texas and expanding our work throughout the public sector.”
Details about WidePoint’s new Cooperative Contract for Software Solutions can be found at https://www.widepoint.com/state-of-texas-saas-solutions/
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including identity management, secure mobility management, telecom management, and digital billing and analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – January 31, 2022 – WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management, Telecommunications Lifecycle Management, Digital Billing & Analytics, and IT as a Service (ITaaS), announced today that WidePoint’s Public Key Infrastructure (PKI) Identity Management solutions are Quantum-resistant.
While Quantum computing is still in the development phase, the impact on the existing cryptographic infrastructure is challenging today’s access and identity management protocols. Encryption algorithms must evolve to resist attacks from both Quantum and traditional computers.
“There is an expectation that all cryptographic algorithms will be broken in the future given enough computing power,” said Caroline Godfrey, Chief Security Officer of WidePoint Cybersecurity Solutions Corporation. “The National Institute of Standards and Technology (NIST) – which sets the standards of technology and cybersecurity for the Federal Government and the U.S. Department of Defense (DoD) has adopted – is currently planning for this expectation with the draft document NIST SP 800-208. In the case of PKI, old algorithms and key-sizes will be retired and new algorithms will be introduced to account for any increase in computing power. We are already seeing Federal Government PKIs move to SHA-384 and WidePoint is adapting our solutions correspondingly. We understand the importance of NIST guidelines in the development of the enterprise technology landscape. WidePoint continues to advance and offer PKI solutions in accordance with these protocols and the standards that we meet are considered secure against attacks by Quantum computers.”
“The challenge with PKI is that you want strong protection that can’t be broken quickly, yet doesn’t require significant computing power just to generate the keys in the first place,” said Jason Holloway, President of WidePoint Cybersecurity Solutions Corporation. “Most commercial PKI offerings do not adhere to the demanding cybersecurity standards established by NIST. This is a factor in the increase in cyberattacks and ransomware incidents hitting businesses and public entities. Organizations that previously questioned the need to invest in Federal/DoD-level security are now turning to WidePoint as they experience the staggering cost of less-secure solutions.”
Jin Kang, WidePoint’s CEO, commented, “Userid/password identity management is antiquated and extremely vulnerable. WidePoint’s PKI solution can replace the userid/password combination, expanding our solutions into the commercial sector with DoD grade security. Our PKI solutions address a large and growing market with universal applicability for controlling access to our customer’s critical infrastructure both logically and physically. We are committed to providing best-in-industry solutions across our portfolio of technology management offerings. From zero trust identity credentials to secure cloud and management mobility services, WidePoint invests in developing the solutions that government and business, especially regulated industries, demand.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of Trusted Mobility Management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – January 5, 2022 – WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management, Telecommunications Lifecycle Management, Digital Billing & Analytics, and IT as a Service (ITaaS), today announced it has purchased approximately 299,500 shares of its common stock (approximately $1.23 million) as of December 31, 2021 as part of its previously announced share repurchase program. The Company also implemented a prearranged share repurchase trading plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, to execute future repurchases. The Company has approximately $3.77 million available for future purchases under its share repurchase plan.
The Rule 10b5-1 share repurchase trading plan will permit common stock to be repurchased at times that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The Rule 10b5-1 share repurchase trading plan will be administered by an independent broker and subject to preset price, volume and timing restrictions set forth in the plan.
Repurchases of shares under the Rule 10b5-1 Plan will also comply with the requirements of Rule 10b-18 under the Exchange Act. Any actual repurchases under the Rule 10b5-1 Plan will be disclosed in the periodic reports which the Company files under the Exchange Act. There is no assurance as to the amount, timing or prices of repurchases, all of which will vary based on market conditions and other factors, as well as being subject to the present parameters set forth in the plan.
“We believe our common stock currently presents a compelling value proposition based on our improving fundamentals, strong balance sheet and prospects for growth,” said WidePoint CEO Jin Kang. “We entered the new year with significant operating momentum, robust industry tailwinds, and an expanding sales pipeline, which give us confidence that 2022 will be a year of profitable growth and expansion.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of Trusted Mobility Management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as “aim,” “anticipate,” “assume,” “believe,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “positioned,” “predict,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the impact of the COVID-19 pandemic on our business and operations; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expansion of services of existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to retain key personnel; and the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 24, 2021. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
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WidePoint’s Solutions are customized to each organization to deliver maximum value, enhanced security and data protection. No matter your industry or enterprise budget, WidePoint has the expertise needed to improve operational efficiency and reduce costs.
Contact WidePoint today to learn more!