NuRAN Wireless Reports Third Quarter 2019 Financial Results

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Quebec, QC, Canada, September 30th, 2019 – NuRAN Wireless Inc. (“NuRAN Wireless” or the “Company”) (CSE: NUR) (OTC: NRRWF) (FSE: 1RN) announces its financial results for the three months ended July 31st, 2019. All dollar amounts are expressed in Canadian currency.

 

Highlights from the Quarter and Recent Highlights Include:

 

  • In July 2019, NuRAN announced it has conducted over-the-air 5G communication tests.

 

  • In August 2019, NuRAN announced it closed an oversubscribed non-brokered private placement.

 

  • In August 2019, NuRAN announced it has reached agreement for extension of its senior debenture.

 

  • In September 2019, NuRAN announced it has signed a contract with Intelsat to support the installation of enhanced mobile connectivity services for the Marshall Islands in the Pacific Ocean region.

 

  • During the month of September, the Company has received orders totalling $5,000,000.

 

 

 

Highlights of the Company’s financial results for the three months ending July 31st, 2019 include the following:

 

  • Revenue of $351,435 compared to $1,340,318 for the three months ended July 31, 2018;

 

  • Total expenses of $949,195 compared to $1,597,930 for the three months ended July 31, 2018;

 

  • Net Loss Before Other Elements and Income Taxes of $898,210 compared to $949,531 for the three months ended July 31, 2018;

 

The decrease in revenue for the quarter results from the more prominent shift the Company has taken to focus its sales & marketing efforts towards NuRAN’s mobile and broadband infrastructure revenue source. The management expects the shift of focus to yield significant business for the coming future and offset this past period decrease. Delays in closing expected business also contributed to lower revenues during the quarter.

“NuRAN has positioned itself strategically with key players, many of which have still not been the subject of any public announcement. The management expects these alliances to result in significant contract wins for the coming periods”, stated Maxime Dumas, President & CEO of NuRAN Wireless.

 

Non-GAAP Measures

This Press Release contains references to Adjusted EBITDA and Gross margin. These financial measures are not measures that have any standardized meaning prescribed by IFRS and are therefore referred to as non-GAAP measures. The non-GAAP measures used by the corporation may not be comparable to similar measures used by other companies. Adjusted EBITDA is defined as “income (loss) before interest expenses, taxes, expenses related to listing on the Canadian Securities Exchange, depreciation, foreign exchange and financial expenses.

The Company uses these non-GAAP measures because they provide additional information on the performance of its commercial operations. Such tools are frequently used in the business world to analyze and compare the performance of businesses; however, the Company’s definition of these metrics may differ from those of other businesses.

 

No regulatory authority has approved or reviewed the contents of the information contained in this news release.

 

About NuRAN Wireless

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.

 

For further information about NuRAN Wireless;

www.nuranwireless.com

Maxime Dumas
President & CEO
info@nuranwireless.com
(418) 914-7484

 

Mark Berry

markberry@rogers.com

(416) 200-6768

Forward Looking Statements

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