Welcome to our dedicated page for Nuran Wireless news (Ticker: NRRWF), a resource for investors and traders seeking the latest updates and insights on Nuran Wireless stock.
NuRAN Wireless Inc. reports developments in rural mobile and broadband wireless infrastructure for remote and underserved regions. Company updates cover scalable 2G, 3G and 4G network deployments, tower activity, restored sites, and rollout activity in African markets including Cameroon, Ghana, the Democratic Republic of the Congo, and Ivory Coast.
NuRAN news also addresses corporate finance and securities matters, including unit issuances, private placements, debt settlements, the completed restructuring transaction involving Advance Factoring Inc., and continuous-disclosure obligations under Canadian securities rules.
NuRAN Wireless Inc. announced an expansion of its Network as a Service (NAAS) contract with Orange Cameroon SA, adding 120 networking sites to the original 122, totaling 242 sites. The project is expected to generate gross revenues of up to $20M CAD. The deployment of these sites focuses on rural areas and is set for 2021-22, utilizing solar-powered GSM technology. Additionally, NuRAN appointed Vitor Fonseca as a new director and restructured $1M of debt into convertible debentures, further enhancing its financial position.
NuRAN Wireless reported operational and financial results for the fiscal year ending October 31, 2020. Revenue increased by $1.8 million, primarily due to significant contracts secured in late 2019, but gross margin decreased from 34% to 28%. The net loss narrowed to $1.89 million from $3.55 million in the prior year. The company undertook a restructuring to improve its financial position and has secured several strategic contracts, including a $4.75 million agreement with Intelsat. For 2021, NuRAN anticipates continued improvements and further growth.
NuRAN Wireless Inc. (CSE:NUR, OTC PINK:NRRWF) announced a significant corporate update on February 16, 2021. The company improved its working capital by settling debt with senior creditors, resulting in a decrease of its long-term debt to $947,000 on secured debentures and $437,637 on other secured debt. NuRAN established a subsidiary in Cameroon and completed a site project with GSMA for Vodafone in Ghana, managing seven sites. Additionally, Mr. Badi Abdallah and Mr. Charles Kouadio were appointed as Directors of Operations and Finance for Africa, respectively.
NuRAN Wireless Inc. has announced a significant adjustment regarding its stock options. The company has received approval from the Canadian Securities Exchange to raise the exercise price of recently granted options from $0.395 to $2.35 per common share. This change involves an aggregate of 1,225,000 stock options granted to employees, consultants, directors, and officers. All other terms remain unchanged, and the options will be subject to a four-month hold period. NuRAN Wireless specializes in mobile and broadband wireless infrastructure solutions.
NuRAN Wireless announced the grant of stock options to employees, consultants, directors, and officers, totaling 1,225,000 shares at an exercise price of $0.395 each. Of these options, 950,000 will vest immediately, while 275,000 will vest over a 12-month period. Most options will expire in five years, with 75,000 expiring in three years. This move aligns with the Canadian Securities Exchange policies and includes a four-month hold period. NuRAN Wireless specializes in mobile and broadband wireless infrastructure solutions.
NuRAN Wireless has signed a significant Network as a Service (NAAS) agreement with Orange DRC, which aims to generate up to CAD$500 Million in gross revenue over the contract's duration. The deal includes the construction of 2,000 new towers in the Democratic Republic of the Congo within 40 months, aimed at providing connectivity to approximately 10 million people. The contract has a minimum term of 10 years per site and anticipates annual revenues exceeding CAD$40 Million with over 50% EBITDA for the local subsidiary.