Mr. Francis Letourneau reports
NURAN ANNOUNCES SIGNIFICANT DEBT REDUCTION AND PROVIDES CORPORATE UPDATE
Nuran Wireless Inc. has provided the following corporate update on operations.
The company has worked to significantly improve its working capital position over the past several months through various debt settlements with its senior creditors. Since announcing the forbearance agreement in January, 2021, a total of 5,721,212 common shares have been issued to settle $1,888,000 of outstanding principal owing to holders of its 12 per cent senior secured convertible debentures and a further 1,988,917 common shares were issued to settle $850,000 of other long-term secured debt. The debt settlements have considerably reduced the company's long-term debt to a total of $947,000 principal outstanding on the debentures and $437,637 principal outstanding on all other long-term secured debt as of the date hereof. The company also recently received gross proceeds of $220,500 from the exercise of outstanding warrants resulting in the issuance of 133,600 common shares to warrantholders.
Nuran has formed its wholly owned subsidiary in Cameroon, Nuran Wireless Cameroon Ltd., in connection with its previously announced network-as-a-service (NAAS) contract with Orange Cameroon SA.
Nuran has completed the site build of its previously announced project with GSMA in Ghana for Vodafone. Effective immediately, Nuran will manage daily operations, monitoring and maintenance of seven sites in Ghana. Over the next 12 months, GSMA and Nuran will report on the outcome of their performance on the project. The project is also intended to expand the GSMA network and relationship with Vodafone.
Nuran has appointed Badi Abdallah as its director of operations for Africa. With over 25 years of experience working in the telecom space, Mr. Abdallah brings vast experience and significant African contacts to the table. Mr. Abdallah held various positions from deployment manager to chief operating officer for different African-based organizations. His experience includes holding the position of chief technology officer for Millicom in the Democratic Republic of the Congo (Tigo), managed services chief operating officer with Ericsson for Airtel Congo B, managed service project director with Huawei for Airtel Congo B and deployment director for Watanya Telecom in Algeria. Mr. Abdallah holds a master's degree in engineering from Northeastern University in Boston, Mass., United States, and an MBA from Haute Etude Commerciale (HEC) in Paris, France.
Nuran has appointed Charles Kouadio as its director of finance for Africa. Mr. Kouadio has managed relationships for Orange and MTN in eight countries. Mr. Kouadio held high-level positions at Millicom (Tigo) and its telecoms group present in 10 countries and as chief financial officer of the DRC subsidiary (Tigo) for three years. Mr. Kouadio also served as chief executive officer of Connecteo Cameroon (a subsidiary of Monaco Telecom) for six years as well as holding the position of vice-president/chief financial officer of Afripa Telecom in 15 countries. Mr. Kouadio also has previously held the positions of chief financial officer and chief executive officer, respectively, with two companies -- eMoney-Solutions and Mac Technologies.
"We are very pleased with the significant reduction in our secured debentures. Our balance sheet continues to improve substantively, and we are well positioned to take full advantage of our recent success in signing new and considerable contracts in Africa. We are also pleased with the hiring of Mr. Abdallah and Mr. Kouadio to our team, further strengthening our position within Africa and enhancing our commitment to success," stated Francis Letourneau, chief executive officer of Nuran Wireless.
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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