NuRAN Provides Corporate Update
- NuRAN Wireless has received its Category 1 License for delivering and operating shared passive infrastructure in Cameroon, allowing for expansion of its business and the ability to provide services similar to other tower companies.
- The license means full satisfaction of the DFI conditions precedent.
- The Factoring Agreement has been amended to extend the deadline for additional cash payments, completion of the DFI Financing, and securing of the indebtedness.
- The new deadline is October 31, 2023.
- None.
QUEBEC, QC / ACCESSWIRE / October 17, 2023 / NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE:NUR)(OTC PINK:NRRWF)(FSE:1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to provide the following corporate update on business:
Cameroon Operating License
The Company is pleased to announce that it has received its Category 1 License for delivering and operating shared passive infrastructure to support digital communication networks. This license allows the Company to not only deliver its NaaS business model for Orange Cameroon (Orange) but to expand its business by allowing for multiple mobile network operator (MNOs) or "tenants" on sites. NuRAN can now provide services similar to other tower companies. NuRAN now has this added flexibility in the future and, although not strictly necessary for the current NaaS offering, the license means full satisfaction of the DFI conditions precedent.
Update on the Factoring Agreement.
NuRAN is pleased to announce that it has amended the terms of the factoring agreement dated August 28, 2023 (the "Factoring Agreement"). Whereas the Factoring Agreement called for additional cash payments, completion of the DFI Financing and securing of the indebtedness by way of a Hypothec in favour of the Factor or its duly authorised agent on or before September 30, 2023, this date has now been extended to October 31, 2023. The Company continues to work closely with the Factor in providing adequate funding for the business in this period leading up to the securing of additional funding.
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
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 Company being able to provide services similar to other tower companies and the Factor providing adequate funding for the business in this period leading up to the securing of additional funding. 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; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, 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; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; 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.sedarplus.ca.
SOURCE: NuRAN Wireless Inc.
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FAQ
What is the significance of NuRAN Wireless receiving its Category 1 License in Cameroon?
What does the amendment to the Factoring Agreement entail?
What is the new deadline for the Factoring Agreement?
