TOWER ONE WIRELESS ANNOUNCES FOURTEEN TOWERS COMPLETED - ADDITIONAL NON-CANCELLABLE RENT OF $2,300,000

Rhea-AI Summary

TOWER ONE WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) reported a constructive update for July 2022, announcing the completion of 14 new towers, with 7 in Colombia and 7 in Ecuador. This brings the total towers under construction to 55 across these countries. The long-term rental revenue from these new towers is projected at $2,300,000 over 10 years. Year-to-date, 92 towers have been built, contributing to a total portfolio of 296 towers.

Positive

• Completion of 14 new towers in July 2022.
• Total of 92 towers built year-to-date.
• Projected long-term revenue of $2,300,000 from new towers.

Negative

• None.

TOWER ONE CONSTRUCTION UPDATE FOR THE MONTH OF JULY 2022 

VANCOUVER, BC, CANADA, Aug. 10, 2022 (GLOBE NEWSWIRE) -- 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 July 2022.

During the month of July, the Company completed fourteen (14) new towers: seven (7) towers in Colombia, and seven (7) towers in Ecuador with a total of fifty-five (55) 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 $2,300,000 (*This figure excludes colocation revenue upside and inflation escalator terms).

Tower Porfolio
Total Towers Built Month July	14
Total Towers Built YTD	92
Total Towers in Portfolio	296
Colocations (Total)	49
Total Tower Tenants	345

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 2022 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 296 towers in some the largest Spanish speaking countries in Latin America (Colombia, Ecuador, and Mexico) with a combined population of approximately 190 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 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 TOWER ONE's construction update for July 2022?

TOWER ONE completed 14 new towers in July 2022, with an expected long-term revenue of $2,300,000.

How many towers has TOWER ONE built year-to-date?

TOWER ONE has built a total of 92 towers year-to-date.

What is the total number of towers in TOWER ONE's portfolio?

TOWER ONE currently has a total of 296 towers in its portfolio.

In which countries did TOWER ONE build new towers in July 2022?

TOWER ONE built new towers in Colombia and Ecuador in July 2022.

What are the revenue projections for the new towers built by TOWER ONE?

The new towers are projected to generate approximately $2,300,000 in revenue over 10 years.