Mr. Frederic Debord reports

NURAN SIGNS NAAS AGREEMENT WITH ORANGE MADAGASCAR FOR UP TO US$90M

Nuran Wireless Inc. has signed a network-as-a-service (NaaS) agreement with Orange Madagascar to add up to 500 rural networking telecommunication sites under the NaaS business model on the east coast of Madagascar.

The agreement was signed today at a virtual ceremony with the attendance of Frederic Debord, chief executive officer at Orange Madagascar, and Francis Letourneau, chief executive officer at Nuran Wireless, in addition to the presence of Tahina Razafindramalo, Minister of Digital Development, Digital Transformation, Posts and Telecommunications of Madagascar.

"We are pleased with the materialization of this partnership which aims to bring mobile telephony services to the Malagasy people who were previously excluded from digital connectivity. Mobile telephony has become an essential need in everyday life and essential for economic and social development because it makes it possible to open up and connect Madagascar to the rest of the world and as importantly have access to financial services through mobile money," stated Mr. Debord, chief executive officer of Orange Madagascar.

"We are extremely pleased to add Madagascar to our growing portfolio of African countries. We are also thankful to Orange for this third contract as we continue to build and grow this strong relationship with them. With the addition of these 500 sites, we have now reached 4,642 sites under contract in less than two years from receiving our first NaaS contract. We are approaching 50 per cent of 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 Mr. Letourneau, chief executive officer of Nuran.

The 10-year agreement with Orange Madagascar is the company's third contract with Orange; it has over $90-million (U.S.) in potential gross revenue at an approximate rate of $1,500 (U.S.) per site per month with an estimated gross margin of 70 per cent. 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; the company completing all financing necessary for the buildout of the sites; and insurance and collection of applicable fees from network operators. 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 networks with variety of site categories to cover different population densities and coverage areas. Nuran expects to retain the ownership of the infrastructure after completion of the contract which increases the overall value of the agreement.

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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