Tower One Construction Update
Tower One Wireless Corp. (CSE: TO) (OTCQB: TOWTF) announced significant growth in tower ownership, now totaling 202 towers compared to 90 at the year's start. In July 2021, the company completed 11 new towers, with 66 additional towers under construction in Colombia and Mexico. These developments include long-term lease agreements projected to generate approximately $690,000 in revenue over ten years. The company aims to operate around 300 towers by year-end, enhancing its position in the Latin American telecommunications sector.
- Increased tower ownership from 90 to 202 towers YTD.
- Completed 11 new towers in July 2021.
- 66 towers currently under construction.
- Projected revenue of $690,000 from long-term leases.
- Expectation to reach 300 operational towers by year-end.
- None.
Increased Tower Ownership and Revenue
VANCOUVER, British Columbia, Aug. 24, 2021 (GLOBE NEWSWIRE) -- TOWER ONE WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) (Frankfurt: 1P3N) (“Tower One” or the “Company”) provides a construction update for the month of July 2021.
During the month of July, the Company was able to complete eleven (11) new towers and has a total of sixty-six (66) towers under construction in Colombia and Mexico. These towers are built to suit for specific clients and will provide a total, non-cancellable 10 years contracts with 5+ year renewal options, value of
Tower One began the year with 90 towers in operation and as of July 31st the company now owns and operates 202 towers, given the current construction schedule we expect to have approximately 300 towers in operation by year end.
| Construction activity - YTD | |||||||||
| Jan-21 | Feb-21 | Mar-21 | Apr-21 | May-21 | Jun-21 | Jul-21 | |||
| Total | 11 | 18 | 20 | 26 | 17 | 10 | 11 | ||
| Cumulative | 11 | 29 | 49 | 75 | 92 | 102 | 113 | ||
“I am pleased with the continued growth of Tower One’s portfolio and the hard work of our teams on the ground in our various regions. With 66 towers currently under construction and another 400 towers in our backlog, we are in a position of strength for the second half of 2021 and beyond. As each tower is completed, we can clearly see a path to enhanced revenues for the company.” commented Alejandro Ochoa, Chief Executive Officer Tower One Wireless
Tower One continues to support the efforts to deploy efficient telecommunications networks which lead to more connected and serviced communities across Latin America. Deploying new infrastructure to provide mobile internet coverage has a direct effect in reducing the digital gap of users and communities ensuring inclusion and improving the economic development.
A copy of the construction report for the month of July 2021 can be found in the Company’s web site or following this link
About Tower One
Tower One’s principal business is to build, own and operate multi-tenant wireless telecommunications infrastructure (“towers”) in Latin America. Tower One leases space on its towers to mobile network operators. The Company is focused on the build to suit tower industry whereby a long-term lease is secured with a tenant prior to building a tower. The Company owns and operates 190 towers in the two largest Spanish speaking countries in Latin America (Colombia and Mexico) with a combined population of approximately 180 million people.
| Contact Information: | |
| Corporate Communications | |
| Tel: | +1 917 546 3016 |
| E-mail: | info@toweronewireless.com |
| Website: | www.toweronewireless.com |
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
FORWARD LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the Company’s expectation of obtaining the acceptance of new towers by the Company’s customers. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contributes to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the impact of the ongoing COVID-19 pandemic, present and future business strategies, the environment in which the Company will operate in the future, and other factors, many of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. The Company assumes no obligation to update any forward-looking statements or forward-looking information referenced herein, whether as a result of new information events or otherwise, except as required by applicable securities laws.
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