Quebec, Canada, November 8, 2018
NuRAN Wireless Inc. (“NuRAN Wireless” or the “Company”) (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a leading supplier of mobile and broadband wireless infrastructure solutions is pleased to announce that it has secured a long term low interest loan facility of up to $3M CAD with the Quebec Government and its ‘Créativité Québec’ program.
- Approval of loan facility of up to $3M CAD
- Loan facility provided by the Quebec Government through its ‘Créativité Québec’ program.
- Accelerates the development of the previously announced LiteCell xG; a multi-standard 2G, 3G, 4G (LTE) base station all within a single unit.
- Opens new markets to Nuran including the unconnected in the regions of North American and suburban markets around the world.
The terms of the loan are as follows;
- prime plus 0.25%
- a moratorium for the first 24 months (2 years) with no reimbursement of capital and only interest are payable following the initial disbursement
- after 24 months a reimbursement of capital and interest over 7 years
The loan facility ensures and accelerates the development of the LiteCell xG, a multi standard base station which provides 2G, 3G and 4G (LTE) connectivity all within the same unit as well as allow NuRAN to continue supporting its current and ongoing roll out and proof of concept (POC) with Tier One operators around the world without impacting the budget allocated for that purpose.
On September 25, 2018, Nuran Wireless had announced that it would provide Mobile Operators 2G, 3G and 4G (LTE) connectivity from a single base station. Under development with planned availability in 2019, NuRANs LiteCell xG is a carrier-grade tower-mount mobile radio access equipment which may be operated in any combination of 2G, 3G, and 4G (LTE) to maximize network access to subscribers through the simultaneous support of different technologies. Built from the ground up as a software-defined radio, LiteCell xG provides the flexibility and upgradability which operators are seeking in order to deliver the most appropriate services and evolve those services as needs arise with minimal intervention.
NuRAN expects its multi-standard solution to significantly widen its market base from strictly rural to rural and suburban greenfield deployments, as well as qualifying for infrastructure upgrade programs, including the replacement of existing 2G-only equipment and the North American remote market as well
“We are very pleased to receive the support of the Quebec Government through its Créativité Québec program. This financial support ensures that we remain on the cutting edge of product development and enables us to reach an even broader market by addressing not only the rural and ultra rural markets but now targeting the suburban markets and the North American outlying regions as well specifically in areas specifically with poor to no cellular phone connection.”, stated Martin Bedard, President & CEO of NuRAN Wireless.
The financing is subject to the completion of final legal documentation.
No regulatory authority has approved or disapproved the information contained in this news release.