Ann: M7T - commercial update, page-2

Finally, a new contract win for M7T  

Given all the talk of increasing sales pipelines, hopefully this is the start of a number of significant announcements about new clients & renewals.

Can someone please shed some light on this statement (in bold below) in the announcement for me:

"The capital contract has a year-one value of $1 million and a Total Contract Value of $1.52 million".

Does this mean that M7T are installing $1.0m worth of equipment, and then the first year of "support and professional services" is for a total of $0.52m ?

So, if St Paul's Hospital in Hong Kong resign with M7T in 12 months time, then M7T would received approximately $520K in annual recurring revenue?

Thanks in advance for any of your thoughts on this