NuRAN Deploys New Sites in Cameroon and Reaches 500K People Connected in Africa

Rhea-AI Summary

NuRAN Wireless has deployed five new sites in Cameroon, raising its total to 58 sites in this country and 87 across five African countries, reaching approximately 530,000 individuals. The company aims to complete the initial 122 sites in Cameroon by October 2022. Future deployments include 118 sites in the DRC and 10 in South Sudan. However, the target for total sites has decreased from 500 to 400 by December 2022. NuRAN plans to finance site expansions mainly through a proposed $27M USD debt financing.

Positive

• Deployment of five new sites in Cameroon, increasing total sites to 58 in the country.
• Total live sites across five African nations now reach 87, covering 530,000 people.

Negative

• Reduction of target site deployments from 500 to 400 by December 2022.
• All site deployments thus far financed through equity, raising concerns over financial sustainability.

QUEBEC, QC / ACCESSWIRE / September 13, 2022 / NuRAN Wireless Inc. ("NuRAN or the "Company") (CSE:NUR) (OTC:NRRWF) (FSE:1RN), a leading supplier of mobile and broadband wireless infrastructure solutions is pleased to announce that five new sites have been deployed in Cameroon. NuRAN now has a total of 58 live sites in Cameroon and 87 live sites in total across five countries in Africa covering a total population of approximately 530,000.

The Company is also pleased to provide the following update on scheduled site deployments previously announced:

• As announced on August 11, 2022, the new schedule for site deployments includes the completion of the initial 122 sites in Cameroon in partnership with Orange Cameroon initially announced in a press release dated October 29, 2020 by the end of October 2022. Additionally, On March 11, 2021, NuRAN had also announced that this contract was expanded to include an addition 120 sites for a total 242 sites.
• NuRAN intends to resume site deployments in the DRC in partnership with Orange DRC with the expected completion of 118 sites in the DRC which was initially announced on February 8, 2021. The contract with Orange DRC is for a total of 2,000 sites.
• NuRAN is expected to launch live sites in South Sudan with a total of 10 sites to be deployed. The contract announced on December 21,2021 with MTN South Sudan is for 250 total sites to be deployed with the potential for more sites to be added.
• As previously announced on August 11, 2022, NuRAN is now targeting the completion of 400 sites by the end of December 2022, a decrease of 100 sites from its initial target of 500 sites.

"We are pleased to announce new site deployments in Cameroon. Crossing the initial milestone of over 500,000 people covered is only an initial short-term goal achieved as we drive to cover millions of Africans with affordable and reliable mobility. To date, NuRAN has had to finance all site deployments from equity at the corporate level. Our plan has always been to finance site deployments predominately through debt at the African level. As we await the completion of the proposed $27M USD of African debt financing, we are pleased to continue the process of deploying sites. We remain committed to accelerating the deployment of sites while we continue to announce new and significant contracts. Our goal has been to reach 10,000 sites under contract, and we are quickly approaching that goal with 3,142 sites already under contract" stated Francis Letourneau, CEO and President of NuRAN."

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

Additional Information:

For further information about NuRAN Wireless: www.nuranwireless.com

Francis Létourneau,
Director and CEO
Francis.letourneau@nuranwireless.com
Tel: (418) 264-1337

Frank Candido
Investor relations
Frank.candido@nuranwireless.com
Tel: (514) 969-5530

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.

Forward Looking Statements

This news release contains forward-looking statements. Forward-looking statements can 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 taken, occur or be achieved. Forward-looking statements include those relating to the deployment of and number of sites proposed in Africa and the proposed debt financing of $27,000,000. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; 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 based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.

SOURCE: NuRAN Wireless Inc.

View source version on accesswire.com:
https://www.accesswire.com/715799/NuRAN-Deploys-New-Sites-in-Cameroon-and-Reaches-500K-People-Connected-in-Africa

FAQ

What recent development has NuRAN Wireless announced regarding its operations in Cameroon?

NuRAN Wireless announced the deployment of five new sites in Cameroon, bringing its total to 58 sites in the country.

How many total sites does NuRAN Wireless have across Africa?

NuRAN Wireless now has a total of 87 live sites across five countries in Africa.

What is the updated target for site deployments by NuRAN Wireless by December 2022?

NuRAN Wireless has decreased its target for site deployments from 500 to 400 by December 2022.

What financing method is NuRAN Wireless looking to implement for future site deployments?

NuRAN Wireless plans to finance future site deployments predominantly through a proposed $27M USD debt financing.

How many people does NuRAN Wireless's current network cover in Africa?

NuRAN Wireless's network currently covers approximately 530,000 people in Africa.