- NuRAN no longer has any long-term debt outstanding
- NuRAN retains the services of Global Financial Network Ltd.
- The first live site in Cameroon generates a penetration rate of around 46% on the first day
QUEBEC, QC / ACCESS WIRE / October 20, 2021 / NuRAN Wireless Inc. (“NuRAN“or the”Society“) (CSE: NUR) (OTC PINK: NRRWF) (FSE: 1RN) is pleased to provide the following update on its operations:
- Effective October 19, 2021, all principal and interest due on the Company’s 12% senior secured convertible debentures (the “Debentures”) were repaid, significantly improving the working capital position of the Company. the society. The Company completed the repayment of the last $ 745,500 of principal and interest owed on the debentures by issuing 2,259,091 common shares to creditors. The Company no longer has any long-term debt outstanding.
- NuRAN retained the services of Global Financial Network Ltd. (“GFN”), a marketing company, to increase investor awareness. The Company and GFN have signed a one-year advisory services agreement under which GFN will aim to maintain and strengthen the profile and brand awareness of the Company through traditional press initiatives in online, videos and social media in return for cash payment. of $ 50,000 payable in two equal installments in October 2021 and January 2022 and the grant of options to purchase 250,000 common shares of the Company at an exercise price of $ 1.70 per common share for one duration of five years from the date of granting, acquired quarterly over the duration of one year of the agreement. The options are subject to applicable Canadian Securities Exchange policies and applicable securities laws and will be subject to a four-month hold period from the date the options are granted.
- NuRAN is pleased to announce that the first live site in partnership with ORANGE in Cameroon generated a penetration rate of approximately 46% during its first full day of operation. NuRAN’s projections to date for the NAAS business model are based on a conservative 25% penetration rate. NuRAN will continue to update the market from time to time as more sites come online and penetration data is generated for these sites.
About NuRAN Wireless
NuRAN Wireless is a leading provider of mobile and broadband wireless infrastructure solutions. Its Radio Access Network (RAN), core network and innovative backhaul products dramatically reduce total cost of ownership, creating new opportunities for established and emerging mobile network operators. Indoor coverage, remote rural communities, offshore platforms and vessels, NuRAN Wireless helps customers reach anyone, everywhere.
For more information on NuRAN Wireless: www.nuranwireless.com
Francis Létourneau, Director and Chief Executive Officer
Phone. : (418) 264-1337
Phone: (514) 969-5530
Disclaimer: Neither the Canadian Securities Exchange nor its market regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “expects”, “is expected”, “anticipates”, “intends”, “believes” or variations of such words and expressions or state that certain actions, events or results “may” or “will” be achieved, occur or be achieved. Forward-looking statements include those relating to future performance under the Company’s NAAS agreements. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties which could cause actual results to differ materially from the results projected, expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors which could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated or planned. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as uncertainties regarding risks such as uncertainties regarding the impact of the COVID epidemic. 19. , and measures to prevent its spread, risks associated with NuRAN’s business and the economy in general; NuRAN’s ability to adequately restructure its operations against its new model of NaaS service contracts; the Company’s ability to technically deliver and import inventory into Africa at a reasonable cost; NuRAN’s ability to obtain project financing for the construction of the proposed site under its NaaS agreements with Orange and other telecommunications providers, the loss of one or more major suppliers or a reduction in the significant volume of these suppliers; the ability of NuRAN to meet or exceed customer demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants into the Company’s industry; NuRAN’s ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and the ability to obtain all permits required for our operations, access to credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license fees and regulatory, slowdowns in customer economic cycles; and insurance prices and availability of insurance coverage, the Company’s ability to effectively maintain or update information and technology systems; our ability to implement and maintain safeguards against cyber attacks and to comply with applicable data privacy and security requirements; the Company’s ability to successfully implement its business strategies or achieve expected cost savings and revenue improvements; business development activities, including acquisitions and integration of acquired businesses; the Company’s expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company’s non-Canadian operations. Therefore, readers should not place undue reliance on forward-looking information. Other factors which could have a material impact on this forward-looking information are described in the risk factors in the most recent annual MD&A of the Company which is available on the Company’s profile on SEDAR at www.sedar.com.
The estimates included in this press release relating to the calculation of the gross turnover of the agreements with Orange are based on the multiplication of an average population per site by the expected penetration rate which gives the number of mobile customers. This is then multiplied by the Average Revenue Per Customer Per Month (ARPU) to get the total revenue. Orange’s direct costs associated with this income are deducted and the resulting amount is shared by both parties. The revenue share only applies to earnings above a guaranteed amount which is the minimum paid to NuRAN. A penetration reduction factor was used to mitigate the risk. The basic data used to calculate the total potential income of this agreement was provided by Orange based on the average population, penetration rate and ARPU. The management of the Company believes that the estimates have been prepared on a reasonable basis, reflecting best estimates and judgments, and on the basis of a number of assumptions that management considers reasonable as well as information provided to the Company by Orange. However, since this information is highly subjective and subject to many risks, including the risks described above, it should not be taken as necessarily indicative of future results. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the estimates prove to be incorrect, actual results could differ materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
THE SOURCE: NuRAN wireless inc.
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