Mr. Francis Letourneau reports

NURAN ANNOUNCES FORBEARANCE OF SENIOR SECURED DEBT TO DECEMBER 31, 2021

Further to the press release dated Nov. 30, 2020, a majority of the holders of the senior secured convertible debentures of Nuran Wireless Inc. issued pursuant to a private placement closed on Feb. 23, 2017, have executed the forbearance agreement, effective Dec. 3, 2020, pursuant to which the secured creditors agreed to forbear from enforcing their rights under the security agreements relating to the debentures until Dec. 31, 2021. Prior to the forbearance, the company was in material default under the terms of the debentures. In consideration of the foregoing forbearance, the company has agreed to adjust the conversion price of the debentures to 33 cents per common share.

"We are very pleased to have reached this agreement with our secured creditors. This has been a difficult period for our equity holders; however, we believe that by putting this behind us, we can now focus on the task at hand, which is to build shareholder value through the continued improvement of our business. We are on the cusp on some very important developments, and we are confident that the future will be bright for all of our stakeholders," stated Francis Letourneau, chief executive officer, Nuran Wireless.

The company is seeking to effect certain additional amendments to the debentures, which are subject to approval by all debentureholders, including the following: (i) to change the maturity date of the debentures to Dec. 31, 2021; (ii) to settle all accrued but unpaid interest and penalties on the debentures in common shares at a deemed price per common share equal to the closing market price of the common shares on the Canadian Securities on the trading day prior to the amending effective date (as defined below), discounted by the maximum discount permitted by Section 2.1 of Policy 6 of the CSE; (iii) interest will now be payable on June 30, 2021, and Dec. 31, 2021, payable at the option of the company in cash or common shares, at a deemed price per common share equal to the volume-weighted average trading price of the common shares on the CSE for the 10-day period prior to interest payment date; and (iv) in the event that the company elects to pay accrued interest in common shares, the effective interest rate shall be increased to 15 per cent instead of 12 per cent. The company intends to provide an update once all secured creditors execute the forbearance agreement.

About Nuran Wireless Inc.

Nuran Wireless is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network and backhaul products dramatically drop the total cost of ownership, thereby creating new opportunities for established, as well as emerging, mobile network operators. Indoor coverage, isolated rural communities, offshore platforms and ships, Nuran Wireless helps its customers reach everyone, everywhere.

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