NuRAN Wireless Announces New Employment Contract with Chief Financial Officer

Rhea-AI Summary

NuRAN Wireless has announced an employment agreement with Questus Consulting Ltd., controlled by CFO Jim Bailey, effective September 2021. The Company will pay $20,833.33 per month for management consulting services, including financing and banking functions. An incentive structure includes options and a performance warrant for up to 1,600,000 shares based on milestones in strategic planning and growth. If a change of control occurs, Questus will receive a 12-month fee and the vesting of options. This agreement reflects the Company's commitment to its growth strategy in the NaaS business model.

Positive

• Agreement with Questus Consulting aims to enhance management and financing functions.
• Performance warrant for up to 1.6 million shares incentivizes growth and strategic planning.
• CFO's extensive network and experience expected to secure funding for NaaS business model.

Negative

• None.

QUEBEC, QC / ACCESSWIRE / September 3, 2021 / NuRAN Wireless Inc. (" NuRAN " or the " Company ") (CSE:NUR) (OTC PINK:NRRWF) (FSE:1RN) is pleased to announce the entry into an employment agreement (the " Employment Agreement ") with Questus Consulting Ltd. (" Questus "), a company controlled by Jim Bailey, Chief Financial Officer of the Company. Pursuant to the terms of the Employment Agreement, the Company will pay Questus a fixed fee of $20,833.33 per month (the " Fee ") in consideration of certain management consulting services provided Questus including managing the financing and banking functions of the Company and overseeing the procedures for internal controls and management of continuous disclosure filings of the Company. Under the terms of the Employment Agreement, Questus will be entitled to receive options of the Company under the Company's equity compensation plan at the discretion of the Board and was issued a performance warrant to acquire a total of up to 1,600,000 common shares of the Company (the " Performance Warrant ") based on the Company reaching certain successful milestones in strategic planning, growth, increased revenue and achievement of operation targets and subject to the completion of a minimum of four months of continued employment from the date of the Employment Agreement. In the event of a change of control of the Company and pursuant to the terms and conditions of the Employment Agreement, whereby more than 50% of the outstanding voting shares of the Company are acquired by a person or persons, acting jointly and in concert, Questus is entitled to payment in the amount equivalent to 12-months of the Fee, incentive compensation pursuant to the incentive compensation plan and the vesting of all of Questus' unvested stock options under the Company's stock option plan. The Employment Agreement does not have a predetermined term.

"Since joining the company in September 2020, Jim has been instrumental in the financial re-engineering of NuRAN Wireless. With his London England home base and his extensive international network, Jim will lead the charge in securing the necessary fund to deploy the NaaS business model. The company is extremely please to solidify Jim's position within the organization. "Stated Francis Letourneau, CEO of NuRAN Wireless Inc.

About NuRAN Wireless

NuRAN Wireless is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically drop the total cost of ownership, thereby creating new opportunities for established, as well as emerging mobile network operators. Indoor coverage, isolated rural communities, offshore platforms and ships, NuRAN Wireless helps its customers reach everyone, everywhere.

Additional Information

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

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

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

Cautionary Statement: 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 Company reaching the milestones pursuant to the Performance Warrant. 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 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 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/662805/NuRAN-Wireless-Announces-New-Employment-Contract-with-Chief-Financial-Officer

FAQ

What is the new employment agreement announced by NuRAN Wireless?

NuRAN Wireless entered an employment agreement with Questus Consulting Ltd., where they will pay $20,833.33 monthly for management consulting services.

What are the key details of the performance warrant associated with Questus?

Questus is entitled to a performance warrant to acquire up to 1.6 million common shares based on achieving specific milestones.

How will the new employment agreement affect NuRAN Wireless's growth?

The agreement aims to strengthen management functions and secure funding necessary for deploying the NaaS business model.

What happens if there is a change of control at NuRAN Wireless?

In case of a change of control, Questus is entitled to a payment equivalent to 12 months of their fee and the vesting of all unvested stock options.

When was the employment agreement with Questus Consulting effective?

The employment agreement with Questus Consulting became effective in September 2021.