Quebec, QC, March 31st, 2017 – NuRAN Wireless Inc. (“NuRAN Wireless” or the “Company”) (CSE:NUR) (OTC: NRRWF), 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, 2017. All dollar amounts are expressed in Canadian currency.
“2017 will prove to be a very exciting year for NuRAN as we successfully transitioned to our next generation product, the LiteCell 1.5 base station. As stated previously, this next generation product will ensure our continued goal of “connecting the next billion” on every continent around the world. Our hardware and software is the lowest OPEX and CAPEX solution for rural and remote cellular access. Our pipeline of sales opportunities continues to substantively increase each quarter and will be reflected in our much-anticipated improved financial performance over the coming months as we head towards profitability. We currently have many units in the field which have already proven to surpass all of the interoperability and functionality hurdles and we expect to continue to announce a number of important contracts for deployment. Our quarterly performance will improve substantively over the next few quarters in anticipation of the deployments, states Martin Bedard, Co-CEO of NuRAN Wireless.
Highlights of the Company’s financial results for the three months ended January 31st, 2017 included the following:
- Revenue of $1,104,756; a decrease of approximately 30% from Q1 2016 attributable in part to a strategic shift in the company’s revenue model from an OEM (white label) sales model to a production TCO Sales or direct product sales model providing the company with recurring revenue from warranty and hardware and software maintenance ;
- Gross Profit of $558,049 or approximately 50%; unchanged from Q1 2016;
- Net Loss of $820,630 compared to a Net Loss of $198,799 in Q1 2016; attributable in part to extraordinary expenses related to financial fees with respect to the final tranche of the private placement of 2016 and an increase in sales and marketing expenses as previously anticipated.
Other Highlights in the Quarter Include;
Selected by Globe Telecom for rural mobile deployment the LiteCell 1.5 base stations in the Philippines
- Successfully launched a new software offering known as NuRAN Open Access (NOA) including Facebook’s Community Cellular Manager (CCM) Software for the LiteCell Base Station
- Showcased the Open Cellular Prototype at the Mobile World Congress developed in conjunction with the Telecom Infra Project initiative of Facebook
- Retained by Facebook to develop a 4G LTE base station with an expected launch later this calendar year
- Successfully closed a fully subscribed $3.5 Million Convertible Debenture
- Selected by Global Communications Extension Services Ltd (GCES) to deploy it LiteCell 1.5 base stations in 5 Sites in Nigeria
- Received an over $1 Million dollar contract from Africa Mobile Network to deploy its LiteCell 1.5 base stations in Africa.
- Successfully filed an International Process Patent for 5G
- Awarded an over $1 Million dollar engineering contract in wireless
No regulatory authority has approved or reviewed the contents of the information contained in this news release. The CSE does not accept responsibility for the adequacy or accuracy of this release.