Polaris IT Group SA announces that it has sold to a UAE customer a license for the online learning system Enclosed learning, developed by its subsidiary iSRV Zrt. Polaris IT Group SA will earn approximately EUR 860,000 in revenues, of which 5% will remain with Polaris IT Group SA, and 95% will be the revenues of iSRV Zrt.
In addition, the subsidiary iSRV Zrt. completed the contract concluded in the first quarter of last year for the delivery of specialized e-learning and communication software, using modern solutions based on artificial intelligence, for a business client from the UAE, for the amount of EUR 6,455,000. This amount will be entirely the revenues of iSRV Zrt.
The Hungarian subsidiary of our company, the ISRV Zrt., signed a contract last week with the Codaltec Company which is under the supervision of the Colombian Ministry of Defense, about sales of the weapon simulation system in Hungary.
Within this agreement, the ISRV Zrt. will buy the newest generation, modern firearm-training system developed by Codaltec. ISRV Zrt. intends to resell this system for law-enforcement training, with the help of a contracted Hungarian partner. A special permission for producing and international sales of military technology is needed to carry out these transactions. ISRV Zrt. already is in possession of these permissions.
These permissions are also needed to manufacture and market certain special products developed by ISRV Zrt