Mr. Francis Letourneau reports
NURAN ANNOUNCES UPDATE ON REVOCATION OF CEASE TRADE ORDER
Nuran Wireless Inc. has filed amended audited financial statements for the year ended Dec. 31, 2021, together with an amended management's discussion and analysis for the year ended Dec. 31, 2021. The financial statements and related MD&A for the financial period were amended for the following reasons:
- As at Dec. 31, 2021, the company held inventories in its African subsidiaries in various locations, including in transit, in on-site-generating revenues or in inventory waiting to be deployed. The fact that the inventories are located in remote regions in Africa or in transit has complicated the monitoring to be carried out by the company. Since the auditor had not been able to audit the inventory count as at Dec. 31, 2021, and due to the absence of sufficient and appropriate audit evidence, the auditor issued a modified opinion on the company's previously filed auditor's report dated May 2, 2022.
- The company has since carried out the necessary reconciliations to identify the categories in which inventories should be recognized and to identify their location. Also, the company was able to do a physical count as at May 23, 2022. This allowed the auditor to have access to updated inventory lists, and it was able to attend and audit the physical inventory count and provide an unmodified opinion in the audit report accompanying the amended financial statements for the financial period.
- In connection with the foregoing inventory count, the company included a minor adjustment in the amended financial reports of $23,034 resulting from the Cameroon physical inventory count.
Following the filing of the amended financial reports, it is expected that the B.C. Securities Commission, the company's principal regulator, will revoke the cease trade order previously issued on May 19, 2022, in connection with the filing of the company's annual audited financial statements for the year ended Dec. 31, 2021, with an accompanying audit report that contained a modified opinion. The common shares of the company are expected to be reinstated for trading on the Canadian Securities Exchange shortly following revocation of the cease trade order.
About Nuran Wireless Inc.
Nuran is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G and 4G technologies, Nuran offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably, bridging the digital divide, one connection at a time.
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