Quebec, Canada, March 25, 2019 – NuRAN Wireless Inc. (“NuRAN Wireless” or the “Company”) (CSE: NUR) (OTC: NRRWF) (FSE:1RN), a leading supplier of mobile and broadband wireless solutions to connect the next billion, is pleased to announce its financial results for the three months ended January 31, 2019. All dollar amounts are expressed in Canadian currency.
Highlights from the Quarter and Recent Highlights Include;
- In October 2018, NuRAN Received Purchase Orders from Africa Mobile Network;
- In November 2018, NuRAN has secured a long-term low interest loan of up to $3M CAD with Quebec Government and its “Créativité Quebec” program where 75% of all expenses related to the upcoming Multi Standard LiteCell xG is financed through the program;
- In November 2018, NuRAN announced Agreement for Kenya for Initial Test roll out and deployments in 2019;
- In January 2019, NuRAN announced the USPTO Grant of United States Patent for its Proprietary 5G Massive MIMO Technology;
- In January 2019, NuRAN Appointed Industry Veteran Christian de Faria as New Director;
- In January 2019, NuRAN partnered with Israel’s Spacecom AMOS 17 for projects in Africa;
- In February, NuRAN received purchase orders of $1,25M CAD from AMN for more than 500 sites, part of the 3,000 exclusivity agreement;
- In January and February 2019, CAD $480,000 of the secured convertible debenture was converted into equity of the company
“It has been a very eventful Quarter for NuRAN operationally. Through the balance of the year, it is our expectation that our operational efforts will begin to reflect on the topline sales for the Company and our value proposition to current and future shareholders will continue to strengthen” stated Martin Bedard.
Highlights of the Company’s financial results for the three months ending January 31st, 2019 include the following:
- Revenue of $1,241,757 compared to $1,275,174 for the three months ended January 31, 2018;
- Gross margin of 40.32% compared to 46.48% for the three months ended January 31, 2018;
- Gross Profit of $500,726 compared to a Gross Profit of $592,708 for the three months ended January 31, 2018;
- Net Loss Before Other Elements and Income Taxes of $681,559 compared to $620,355 during the three months ended January 31, 2018, including a non- cash increase of $238,988 in accretion costs related to the convertible debenture creating an equivalent accounting extraordinary expense;
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.
For further information about NuRAN Wireless;
President and CEO
Direct Financial Strategies and Communication
United States Contact
RB Milestone Group, LLC
Stamford, CT & New York, NY
No regulatory authority has approved or disapproved the information contained in this news release.