NuRAN Wireless Inc. announced an agreement for up to 1,000 sites with MTN Ivory Coast for the deployment of rural sites under the Network-as-a-Service business model in Ivory Coast. The 5-year agreement with MTN Ivory Coast is expected to be the Company's second largest contract in terms of number of sites with the potential to generate over USD 75 million in gross revenue over the course of five years. The contract includes an automatic renewal for an additional 5 years. The estimated gross revenues 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. Fees for the NaaS services provided by NuRAN under the agreement are paid on a revenue sharing basis. The project is expected to support 2G and 3G with variety of site categories to cover different population densities and coverage areas. Similar to the previously announced MTN Sudan and MTN Namibia agreements, NuRAN expects to retain the ownership of the infrastructure after the completion of the contract which potentially increases the value of the agreement substantively. Ownership of the infrastructure by NuRAN
extends the potential for recurring revenue generation to over 25 years. New Live Sites; NuRAN is also pleased to report that an additional 11 sites including its first site in South Sudan and 10 in Cameroon have been added bringing the new total of live sites to 101 under NaaS business model. The Company continues to push forward in achieving its goal or 400 live sites by year end.