Star Metro - NuRAN Achieves Positive EBITDA in Cameroon

"NuRAN looks forward to continued expansion in this market which will act as template for new country launches. We remain extremely confident that we can achieve similar economics in other markets where NuRAN has signed several important Naas contracts. As sites get built, the numbers will demonstrate the potential for EBITDA growth and most importantly profitability. This clearly marks a new chapter for our company." states Francis Letourneau, President and CEO at NuRAN Wireless Inc,

Change of Auditor

The Company also pleased to announce that it has changed its auditor to Zeifmans LLP.NuRAN accepted the resignation of the Former Auditor of the Company and the board of directors of the Company have appointed Zeifmans LLP as the new auditor until the next Annual General Meeting of the Company. The Company confirms that there were no reservations or modified opinions in the Former Auditor's audit reports, nor any reportable events as defined in National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") in connection with the audits by the Former Auditor for the period commencing at the beginning of the Company's two most recent financial years and ending on December 31, 2023. The Company's board of directors approved the resignation of the Former Auditor and the appointment of the Successor Auditor. There were no reportable events (as defined in NI 51-102) between the Company and the Former Auditor.In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the board of directors and have been filed under the Company's SEDAR profile at www.sedar.com..

About Zeifmans:

Zeifmans is a full-service tax, accounting and consulting firm based in Toronto, Canada, ranked as one of Canada's top 20 accounting firms by revenue, and a top 10 Accounting Firm by service. Beyond the traditional offering, their services include business advisory, valuation, corporate finance, transaction services, corporate turnaround and insolvency, and estate and succession planning, supporting 11,000+ clients through every step of the business life cycle.

Since 1959, Zeifmans has been developing innovative solutions driven by creative insight. Over 60 years later, their diverse local team has grown to over 175 team members, while their membership with Nexia - one of the world's top ten accounting and consulting networks - provides access to a global team of 3,400+ partners spanning more than 120 countries.

About NuRAN Wireless:

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."

Additional Information:

For further information about NuRAN Wireless: www.nuranwireless.com

Francis Létourneau,
Director and CEO
[email protected]
Tel: (418) 264-1337

Forward Looking Statements

This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to provide services similar to other tower companies and the Factor providing adequate funding for the business in this period leading up to the securing of additional funding. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca

SOURCE: NuRAN Wireless Inc.

L.Pelletier--SMC