NuRAN Wireless Inc. announced a five-year Network-As-A-Service agreement with MTN for the deployment of 250 sites in Africa under the NaaS business model further to its Group Framework Agreement in place with the MTN Group announced on July 21, 2022. This agreement is the fifth agreement signed with MTN totaling 2,150 sites in five different countries, representing up to approximately USD 27 million in revenues over the course of five years assuming that the 250 sites are completed. The five-year term of the NaaS pursuant to the GFA can be extended or renewed for an additional five years subject to an extension or renewal agreement.

The estimated gross revenues are based on Geo-Marketing analysis of the potential revenue that an average site can generate from the Country data (Average Revenue per User and rural penetration rate) provided by the Mobile Network Operator. They are subject to, among other things, associated project expenses including expenses associated with satellite bandwidth, site lease, network operations center expenses, curative and preventative maintenance fees, project management and monitoring fees, financing for the build out of the sites, and insurance. Such financing options and sources are being investigated with a view of carrying out deployments in the most efficient manner.