NuRAN Wireless Reports Third Quarter 2022 Financial Results and Provides Corporate Update

QUEBEC, QC / ACCESSWIRE / November 30, 2022 / NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE:NUR)(OTC PINK:NRRWF)(FSE:1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the following highlights of its financial results for the nine months ended September 30, 2022 and provides a corporate update on its current operations:

Highlights of the Company's financial results for the nine months ended September 30, 2022 include the following:

• Gross revenue of $3,730,808 compared to $936,913 for the nine months ended October 31, 2021, an increase of 298%, directly attributable to the increase in live Network as a Service ("NaaS") mobile sites and delivery of 2G/3G core network in the Marshall Islands;
• Gross profit of $1,580,867 compared to $217,946 for the nine months ended October 31, 2021, an increase of 625%;
• Total expenses of $9,337,747 compared to $11,677,364 for the nine months ended October 31, 2021, a decrease of 20%; and
• Net Loss of $8,369,386 compared to $11,451,892 for the nine months ended October 31, 2021, a decrease of 27%.

Highlights from the Quarter ended September 30, 2022 and Recent Highlights Include:

• On July 12, 2022, the Company announced that it had received final approval of the EUR 8,000,000 facility from a Development Financial Institution (DFI);
• On July 12, 2022, the Company announced the closing of a non-brokered private placement of convertible debentures with a strategic investor for aggregate gross proceeds of $2,000,000;
• On July 21, 2022, the Company announced the signing of the Group Framework Agreement (GFA) with MTN Group which offers the potential to connect up to 50 million additional people from thousands of sites in over 20 countries;
• On July 26, 2022, NuRAN announced its first signing following the GFA of definitive 10 year NaaS contract with MTN Sudan Company Ltd. for the deployment of a minimum of 500 rural sites in Sudan. The agreement is estimated to generate up to approximately US $125 million in gross revenues over its life and will support 2G and 3G. The Company expects to retain the ownership of the infrastructure beyond the 10-year period providing site operations and maintenance services and this continuing revenue generation significantly increases the value of the agreement to NuRAN and its shareholders;
• in August, 2022, the Company entered into debt settlement agreements with certain secured lenders pursuant to which their previously issued secured debentures, related security agreements and previously issued warrants from the March, 2022 Convertible Debenture Offering were cancelled and the company agreed to issue the following to the secured lenders: (i) secured convertible debentures (the "New Debentures") in the aggregate principal amount of $3,517,512 (inclusive of all advances, accrued interest and default fees) with a blended conversion price of approximately $0.905 representing a 25% premium to the 5 day volume weighted average price of NuRAN's common shares with $1,951,804 of the principal amount convertible at $0.95 at the option of the debenture holder and the remaining principal amount convertible at a price of $0.85, provided that if at any time while the debentures remain outstanding, the volume weighted average price of the common shares does not exceed $0.85 for a period of 50 consecutive trading days, the Conversion Price will be reduced to $0.73. $1,398,278 of the principal amount of the debentures bears interest at a rate of 12% until maturity and the remaining principal amount does not bear interest until maturity; (ii) 2,694,667 share purchase warrants (the "New Warrants"), with each warrant exercisable to acquire one common share of the Company at an exercise price of $1.10 until August 19, 2025; and (iii) 153,954 bonus common shares of the Company;
• NuRAN also announced that following completion of all recent equity and bridge financings, including the financing completed with Space-Communication Ltd. in 2021, the Company has met the pre-closing condition under the DFI Loan Facilities of contributing US$6.000,000 of equity required for the first drawdown; and
• On September 23, 2022, the Company announced that the European Investment Bank (EIB), one of the lenders for its publicly announced its proposed DFI financing on its website. The financing, originally for US$ 15 million, was increased to US$ 18 million and falls under the Covid-19 Digital Africa Loan Envelope. Later on October 6, 2022, NuRAN announced that the EIB had granted formal approval of the debt facility after extensive project due diligence as well as a number of other requirements completed over a number of months. This, along with the approval of a second loan facility from another DFI, was a major milestone for the Company clearing the way for completion of the financing to be used for project expenditures relating to the installation of network infrastructure and roll out of up to 242 rural sites in Cameroon and 850 sites in DRC.

Africacom 2022