TOWER ONE WIRELESS ANNOUNCES FOURTEEN TOWERS COMPLETED - ADDITIONAL NON-CANCELLABLE RENT OF $ 2,000,000

Rhea-AI Summary

Tower One Wireless Corp. (CSE: TO) (OTCQB: TOWTF) provides a construction update for December 2022. The company completed 14 new towers, with 7 in Ecuador and 7 in Colombia, bringing the total to 51 towers under construction in these regions. These towers will generate approximately $2,000,000 in non-cancellable rental revenue over ten years, excluding co-location revenue and inflation adjustments. Year-to-date, the total towers built stands at 172, with a portfolio of 348 towers and 382 tenants. The ongoing deployment supports enhanced telecommunications infrastructure across Latin America, driving economic development.

Positive

• Completed 14 new towers in December 2022.
• Total of 51 towers under construction in Ecuador and Colombia.
• Anticipated revenue of approximately $2,000,000 from new towers over 10 years.

Negative

• None.

TOWER ONE CONSTRUCTION UPDATE FOR THE MONTH OF DECEMBER 2022

VANCOUVER, BC, Jan. 13, 2023 (GLOBE NEWSWIRE) -- VANCOUVER, BC, CANADA – TOWER ONE WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) (Frankfurt: 1P3N) (“Tower One” or the “Company”) is pleased to provide a construction update for the month of December 2022.

During the month of December, the Company completed fourteen (14) new towers: seven (7) towers in Ecuador, and seven (7) towers in Colombia with a total of fifty-one (51) towers under construction in these specific countries, as well. These towers are built to suit for specific clients and will provide a total, non-cancellable rent revenue for 10 years of approximately $2,000,000 (*This figure excludes colocation revenue upside and inflation escalator terms).

Tower Porfolio
Total Towers Built Month December	14
Total Towers Built YTD	172
Total Towers in Portfolio	348
Colocations (Total)	34
Total Tower Tenants	382

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 December 2022 can be found in the Company’s web site or following this link:

On behalf of the Board of Directors
Tower One Wireless Inc.
“Alejandro Ochoa”
Alejandro Ochoa, CEO, Interim CFO and Director
Tel: 1-786-280-2160
Additional Contact Information:
Corporate Communications
Tel: +1 917 546 3016
E-mail: info@toweronewireless.com
Website: www.toweronewireless.com   

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 348 towers in some of the largest Spanish speaking countries in Latin America (Colombia, Ecuador, and Mexico) with a combined population of approximately 190 million people.

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 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 did Tower One announce regarding tower construction in December 2022?

Tower One announced the completion of 14 new towers, 7 in Ecuador and 7 in Colombia.

How many towers is Tower One currently constructing?

Tower One has 51 towers under construction in Ecuador and Colombia.

What is the expected revenue from Tower One's new towers?

The expected revenue from the new towers is approximately $2,000,000 over ten years.

What is the total number of towers built by Tower One in 2022?

The total number of towers built by Tower One in 2022 is 172.

How many towers does Tower One have in its portfolio?

Tower One has a total portfolio of 348 towers.