TOWER ONE SECURES CONTRACT TO BUILD SITES WITH TELEFONICA (ECUADOR)

Rhea-AI Summary

Tower One Wireless Corp. (OTCQB: TOWTF) announced a new contract with Telefonica (NYSE: TEF) to build tower sites in Ecuador, necessitating an $18M CAPEX. This marks Tower One's entry into Ecuador, enhancing its operational portfolio and diversifying currency exposure in Latin America. CEO Alejandro Ochoa stated the project, bolstered by a local experienced team, is expected to be completed by the end of 2022. The company currently operates 231 towers across Colombia and Mexico, focusing on multi-tenant wireless infrastructure.

Positive

• Secured contract with Telefonica for tower construction in Ecuador, enhancing market presence.
• Investment of $18M in CAPEX signifies strong financial commitment to growth.
• Experienced local team hired for project execution, indicating operational readiness.
• Diversification of currency exposure in Latin America with new contract.

Negative

• None.

Miami, Florida, April 12, 2022 (GLOBE NEWSWIRE) -- TOWER ONE WIRELESS CORP. (OTCQB: TOWTF) (CSE: TO) (Frankfurt: 1P3N) (“Tower One” or the “Company”). Tower One, through its subsidiary in Ecuador is pleased to announce a new contract with Telefonica (NYSE: TEF) – to build Tower Sites and to finance equipment. This transaction has a CAPEX requirement of $18M USD. Each tower site is a build to suit (BTS) as requested by Telefonica.

Alejandro Ochoa, Tower One Wireless CEO, said: “We are very happy to secure this transaction giving Tower One Wireless its first point of support in Ecuador. As part of this new project, we have hired a local team of experience that has built locally previously. In addition to this award, the company has also secured contracts with the other mobile network operators in the country. We expect this project to be complete by the end of 2022.”

Tower One currently has 231 towers in operation with a strong portfolio in Colombia. This contract in Ecuador diversifies the currency exposure in Latin America and continues the company’s mission to connect more areas of the world through its towers.

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 231 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 contribute to the possibility that the predictions, estimates, forecasts, projections, and other forward-looking statements will not occur. Forward-looking statements 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.

        

FAQ

What is the new contract announced by Tower One Wireless?

Tower One Wireless announced a contract with Telefonica to build tower sites in Ecuador with a CAPEX requirement of $18M.

How many towers does Tower One Wireless currently operate?

Tower One Wireless currently operates 231 towers in Colombia and Mexico.

What is the significance of Tower One's contract with Telefonica?

The contract marks Tower One's entry into the Ecuadorian market and diversifies its operations in Latin America.

When is Tower One expecting to complete the project in Ecuador?

The project is expected to be completed by the end of 2022.

What is the financial commitment for the Ecuador project by Tower One?

The financial commitment for the project is $18M in CAPEX.