TOWER ONE WIRELESS ANNOUNCES THIRTEEN TOWERS COMPLETED - ADDITIONAL NON-CANCELLABLE RENT OF $ 2,700,000
Tower One Wireless Corp. (CSE: TO) (OTCQB: TOWTF) provides a construction update for February 2023. The company completed 13 new towers, with 1 in Ecuador and 12 in Colombia, bringing the total to 42 towers under construction in these regions. The new towers are expected to generate approximately $2,700,000 in non-cancellable rental revenue over 10 years, excluding potential colocation revenue and inflation adjustments. Tower One currently has 374 total towers in its portfolio and aims to enhance telecommunications in Latin America, contributing to economic development and closing the digital gap.
- Completed 13 new towers in February, totaling 26 built year-to-date.
- Expected rental revenue of approximately $2,700,000 over 10 years from the new towers, excluding additional revenue opportunities.
- Total of 374 towers in the company's portfolio enhances its market position.
- Supports economic development by improving telecommunications infrastructure in Latin America.
- None.
TOWER ONE CONSTRUCTION UPDATE FOR THE MONTH OF FEBRUARY 2023
VANCOUVER, BC, CANADA, March 10, 2023 (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 February 2023.
During the month of February, the Company completed Thirteen (13) new towers: one (1) tower in Ecuador and twelve (12) towers in Colombia with a total of forty-two (42) towers under construction in these specific countries, as well. These towers are built to suit specific clients and will provide a total, non-cancellable rent revenue for 10 years of approximately $2,700,000 (*This figure excludes colocation revenue upside and inflation escalator terms).
| Tower Porfolio | |
| Total Towers Built Month | 13 |
| Total Towers Built YTD | 26 |
| Total Towers in Portfolio | 374 |
| Colocations (Total) | 38 |
| Total Tower Tenants | 412 |
Tower One continues to support the efforts to deploy efficient telecommunications networks which 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 February 2023 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.
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