First live site in the Democratic Republic of the Congo
15 live sites in Cameroon
32.68% Penetration rate after 1 month for the first 10 sites in Cameroon
Afriland First Bank loan of CAD 2.87 million approved for Cameroon
End of year changed to December 31
QUEBEC, QC / ACCESS WIRE / November 29, 2021 / NuRAN Wireless Inc. (“NuRAN“or the”Society“) (CSE: NUR) (OTC: NRRWF) (FSE: 1RN) is pleased to announce its first live site in the Democratic Republic of Congo (“DRC“) and provides the following corporate update on operations and funding.
The first site in the DRC was put into operation at 12:21 p.m. Eastern Standard Time on Friday, November 26. Despite global sourcing issues and logistical delays, the company plans to deliver 14 additional sites in 2021 to DRC and is preparing to be on track to have a total of 120 sites online by March 2022.
NuRAN is in the process of setting up a count of the number of online sites and population covered on its website www.nuranwireless.com to provide up-to-the-minute updates on its site installations in Africa.
The management of NuRAN is also happy to confirm that there are now 15 live sites in Cameroon. The first report on the 10 sites for the first month of use shows a penetration rate of 32.68%. Initial site revenues are 100% higher than previous management estimates for the first month of use. NuRAN’s financial model explains an increase in penetration / ARPU over 5 to 8 quarters depending on the different categories of sites. There are currently already 4 out of 10 sites now exceeding the guaranteed minimum amount which was not foreseen at this early stage. The technical performance of the sites follows the initial performance expectations of management. When sites are properly supplied with the correct power systems, uptime is equivalent to 99.74%. For rural areas using solar power and satellite transmission, the target varies between 90-95% uptime, which management believes is extremely positive.
NuRAN has received final board approval for its C $ 2.87 million debt financing from Afriland First Bank in Cameroon to refinance its first deployment of 122 sites. The loan is for a term of five (5) years with an initial grace period of six (6) months and an annual interest rate of 9%. NuRAN guarantees the loan in the amount of CAD $ 1.6 million by way of a letter of guarantee with CIBC Bank in Canada. Afriland First Bank also operates in many countries targeted for future NAAS projects such as Côte d’Ivoire, Liberia and South Sudan.
NuRAN is pleased to announce that it has changed its year end from October 31 to December 31. The year-end change was made to coincide with the year-end of other publicly traded companies in similar industries and to align with traditional financial, operational and tax cycles. For further details regarding the length and end dates of the financial periods, including the comparative periods of the interim and annual financial statements to be filed for the Company’s transition year and its new financial year, reference is made to the Year-end change notice filed by the Company on SEDAR under section 4.8 of NI 51-102 – Continuous information obligations, a copy of which is available electronically at www.sedar.com.
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 ships, 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 phrases or state that certain actions, events or results “may” or “will” be achieved, occur or be achieved. Forward-looking statements include those relating to the loan agreement with the bank, including the closing of the loan agreement and include the statement relating to the installation of future sites and the rate of penetration. 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 secure project financing for the proposed site built under its NaaS agreements with Orange and other telecommunications providers, the loss of one or more major suppliers or a reduction in the 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 its 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 the 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 execute 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 of the most recent annual MD&A of the Company which is available on the Company’s profile on SEDAR at www.sedar. .com.
THE SOURCE: NuRAN wireless inc.
See the source version on accesswire.com: