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Nuran Wireless Inc (2)
Symbol NUR
Shares Issued 32,970,357
Close 2022-10-07 C$ 0.64
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Nuran Wireless, MTN Ivory sign $75M (U.S.) NaaS deal

2022-10-11 09:47 ET - News Release

Mr. Francis Letourneau reports


Nuran Wireless Inc. has signed an agreement with MTN Ivory Coast to install up to 1,000 rural sites under the network-as-a-service (NaaS) business model in Ivory Coast.

The five-year agreement with MTN Ivory Coast is expected to be the company's second-largest contract in terms of number of sites, with the potential to generate over $75-million (U.S.) in gross revenue over the course of five years. The contract includes an automatic renewal for an additional five years.

"We are extremely pleased to add Ivory Coast to our growing portfolio of African countries and to bring essential mobile connectivity to potentially over three million people. Ivory Coast is a stable country both politically and financially. The country has well maintained roads and excellent infrastructure which helps to expedite the installation of new sites as compared to other countries. We are also thankful to MTN for their continued faith and support in our mutually beneficial and strengthening relationship. With the addition of these 1,000 sites, we have now reached 4,142 sites under contract and are quickly approaching our goal of 10,000 sites under contract within five years. Nuran is proud to be at the forefront of our mission to bring essential mobile connectivity to those that need it most in a cost-effective, profitable and an environmentally friendly manner," stated Francis Letourneau, chief executive officer of Nuran.

The estimated gross revenues are subject to, among other things, associated project expenses, including expenses associated with satellite bandwidth, site lease, network operations centre expenses, curative and preventative maintenance fees, project management and monitoring fees, and financing for the build out of the sites and insurance. Fees for the NaaS services provided by Nuran under the agreement are paid on a revenue-sharing basis. The project is expected to support 2G and 3G with a variety of site categories to cover different population densities and coverage areas.

Similar to the previously announced MTN Sudan and MTN Namibia agreements, Nuran expects to retain the ownership of the infrastructure after the completion of the contract which potentially increases the value of the agreement substantively. Ownership of the infrastructure by Nuran extends the potential for recurring revenue generation to over 25 years.

New live sites

Nuran is also pleased to report that an additional 11 sites, including its first site in South Sudan and 10 in Cameroon, have been added, bringing the new total of live sites to 101 under NaaS business model. The company continues to push forward in achieving its goal or 400 live sites by year-end.

About Nuran Wireless Inc.

Nuran Wireless 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 Wireless 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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