NewMarket Technology, Inc. Signs Contract with Fortune 100 Global Enterprise
Upcoming Latin America Trade Mission to Feature New Client
DALLAS--(BUSINESS WIRE) July 20, 2006 – NewMarket Technology, Inc. (OTCBB:NMKT) today announced a new contract with a Fortune 100 Global Enterprise. The Company will implement a knowledge management system and web based e-learning solution. The three year contract is a significant expansion with an existing client and is expected to result in a substantial increase to NewMarket’s total revenue.
The new contract was signed by NewMarket’s regional operation in Latin America. The client is Petróleos de Venezuela, S.A. (PDVSA), the Venezuelan state-owned petroleum company. PDVSA is one of the top suppliers of oil to the United States. Venezuela has the largest hydrocarbon reserves in the Western Hemisphere, representing approximately half the region's reserves, which positions the country as fifth in the world in proven reserves. PDVSA production exceeds 3 million barrels a day with current capacity to expand to 4 million barrels per day. PDVSA owns Citgo and operates 14,000 retail gas stations in the US. PDVSA has forecasted US$75 billion in revenue in 2006. PDVSA invests over US$400 million a year in IT. The current contract with NewMarket is valued between US$7 and $10 million over three years.
NewMarket has operations headquartered in Venezuela and Brazil with over US$20 million in forecasted revenue in 2006. NewMarket plans to aggressively expand operations in the Latin American region. In conjunction with the Company’s business development plans, NewMarket will host a Trade Mission for interested investors to learn more about NewMarket’s Latin America expansion to include direct investment opportunities in the NewMarket Latin American subsidiary. The Trade Mission is scheduled for the 20th of August with a duration of 10 days. The Trade Mission delegates will visit NewMarket operations in Sao Paulo, Brazil; Santiago, Chile and Caracas Venezuela. To learn more about the Trade Mission or future Trade Mission opportunities please contact Karin Gil at kgil@newmarkettechnology.com or (972) 386-3372 ext. 3066
