Tower One Announces Third Quarter 2020 Results and Provides an Update on the Progress of the Business

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) -- TOWER ONE WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) (Frankfurt: 1P3N) (“Tower One” or the “Company”) announces that it has filed its financial results for the third quarter of 2020, and the related Management’s Discussion and Analysis, the details of which are available on the System for Electronic Document Analysis and Retrieval at www.sedar.com.

“The last few quarters have shown the strength and resilience of the platform that the Company’s built in Latin America. While the construction was severely impacted during the first and second quarter of this year due to the strict lockdowns, our team continued to deliver value to our customers and the recurring tower lease business did not suffer the impact of the economic slowdown,” commented President and Chief Executive Officer Alejandro Ochoa. “With increased demand for new BTS sites, specially from Colombia and Mexico, construction of new sites rebounded during the third quarter and the Company has as of today 28 new towers that are being constructed. These new sites will come into service during the fourth quarter of this year. The Company has also been awarded with new sites and construction is about to break ground. I am exceptionally proud of what we have been able to produce this year so far, and very thankful for the accomplishments by our team. While 2020 has brought many unexpected challenges, our team has executed well across each aspect of our business and we are envisioning a record year in 2021,” Mr. Ochoa added.

Highlights Third Quarter 2020:

• Revenue totaled $542,323 and $7,327,250 for the three and nine months ended on September 30, 2020 respectively. Accumulated Revenue for the year as of September 30, 2020 marks a record Revenue for the Company.
• Gross Margin during the third quarter totaled $458,443 and increased 4% as compared to the similar quarter of the previous year. Accumulated Gross Margin for the nine months ended on September 30, 2020 totals $3,363,754, an increase of $734,709 or 28% as compared to the corresponding period of the prior year.
• A total of three (3) new towers were placed into operations and one (1) new collocation was signed during the third quarter of 2020.
• As construction lockdowns that were generated by the pandemic begun to ease, the Company resumed construction. A total of 3 new towers were constructed during this quarter, and 1 new collocation was signed.
• As of September 30, 2020, there were 22 sites under construction (1 in Argentina, 18 in Colombia and 3 in Mexico).
• Following the sale of towers in Argentina and Mexico, the Company has a total of ninety two (92) completed wireless towers throughout Argentina, Colombia and Mexico, with twenty four (24) collocations hosting up to three (3) Mobile Network Operators per tower.

The Company completed the third quarter of 2020 with total revenue of $542,323 for the three-month period ended September 30, 2020. Total Revenue for the nine-month period ended September 30, 2020 was $7,327,250 and marked a record in the history of the Company. Revenue during this period increased by $ 1,728,050, or 31%, as compared to the corresponding period of the previous year where revenue totaled $5,599,200. Revenue increase in the nine month period of 2020 as compared to the immediately preceding year was mainly the result of the disposition of a selected portfolio of towers and the increase in the monthly tower rent business.