Quebec, Canada / TheNewswire / November 8, 2018 - NuRAN Wireless Inc. ("NuRAN Wireless" or the "Company") (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a leading supplier of mobile and broadband wireless infrastructure solutions is pleased to announce that it has secured a long term low interest loan facility of up to $3M CAD with the Quebec Government and its 'Creativite Quebec' program.
- Approval of loan facility of up to $3M CAD
- Accelerates the development of the previously announced LiteCell xG; a multi-standard 2G, 3G, 4G (LTE) base station all within a single unit.
- Opens new markets to Nuran including the unconnected in the regions of North American and suburban markets around the world.
The terms of the loan are as follows;
- prime plus 0.25%
- a moratorium for the first 24 months (2 years) with no reimbursement of capital and only interest are payable following the initial disbursement
- after 24 months a reimbursement of capital and interest over 7 years
The loan facility ensures and accelerates the development of the LiteCell xG, a multi standard base station which provides 2G, 3G and 4G (LTE) connectivity all within the same unit as well as allow NuRAN to continue supporting its current and ongoing roll out and proof of concept (POC) with Tier One operators around the world without impacting the budget allocated for that purpose.
On September 25, 2018, Nuran Wireless had announced that it would provide Mobile Operators 2G, 3G and 4G (LTE) connectivity from a single base station. Under development with planned availability in 2019, NuRANs LiteCell xG is a carrier-grade tower-mount mobile radio access equipment which may be operated in any combination of 2G, 3G, and 4G (LTE) to maximize network access to subscribers through the simultaneous support of different technologies. Built from the ground up as a software-defined radio, LiteCell xG provides the flexibility and upgradability which operators are seeking in order to deliver the most appropriate services and evolve those services as needs arise with minimal intervention.
NuRAN expects its multi-standard solution to significantly widen its market base from strictly rural to rural and suburban greenfield deployments, as well as qualifying for infrastructure upgrade programs, including the replacement of existing 2G-only equipment and the North American remote market as well
"We are very pleased to receive the support of the Quebec Government through its Creativite Quebec program. This financial support ensures that we remain on the cutting edge of product development and enables us to reach an even broader market by addressing not only the rural and ultra rural markets but now targeting the suburban markets and the North American outlying regions as well specifically in areas specifically with poor to no cellular phone connection.", stated Martin Bedard, President & CEO of NuRAN Wireless.
The financing is subject to the completion of final legal documentation.
No regulatory authority has approved or disapproved the information contained in this news release.
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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Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the timing of the Offering, the use of proceeds from the Offering, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NuRAN Wireless Inc., as the case may be, to be materially different from those expressed or implied by such forward-looking information. 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. 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.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.