EASTOWER WIRELESS ANNOUNCES Q1 2022 FINANCIAL RESULTS


BOCA RATON, Florida., May 30, 2022 /CNW/ – EasTower Wireless Inc. (“East Tower“or the”Company“) (TSXV: ESTW), formerly OV2 Investment 1 Inc. (TSXV: OVO.P), an American provider of next-generation wireless communications infrastructure, specializing in the construction, installation and maintenance of 5G and 4G wireless telecommunications networks, today announced its results financial and operational highlights for the three months ended March 31, 2022.

The Company’s condensed consolidated financial statements for the three-month periods ended March 31, 2022is available on the Company’s website at https://www.eastower.com and under the Company’s profile on SEDAR at www.sedar.com. Unless otherwise indicated, all amounts are in WE dollars ($).

“Despite today’s macroeconomic turmoil and market uncertainty, the rapid development and installation of 5G infrastructure supported by government-funded initiatives continues to move forward,” said Vlado P. Hreljanovic, CEO of EasTower. “We continue to be direct beneficiaries of the exciting new 5G build across America with access to an abundance of contracts and purchase orders from major telecom, OEM and turf vendors. Considering that 5G will be an integral part of the country’s long-term development infrastructure plans, 5G is set to grow rapidly thanks to the need of telecommunications and government.EasTower continues to capitalize on the backlog due to the high demand for qualified 5G services.

Mr. Hreljanovic added: “Businesses and the great shift to remote workers continue to grow here in the WE as the pandemic has changed people’s perception of living in high-cost metropolitan cities. We are excited to be part of this growing market and our contribution to provide long-term 5G solutions to meet infrastructure demands in Southeastern United States. Our first IPO took place on March 29 in the first quarter of this year and was an important and very important step in our long-term growth plan. With access to capital markets and additional capital following our IPO, we have begun to invest in our growth and we are even more excited to report our progress over the coming quarters. »

First Quarter 2022 Highlights

  • Total revenue increased by 11% for $425,000 in Q1 2022 compared to $383,000 in the first quarter of 2021
  • The cost of sales was $206,000 in Q1 2022 compared to $175,000 in the first quarter of 2021
  • The gross profit was $219,000 in Q1 2022 compared to $208,000 in the first quarter of 2021
  • The total comprehensive loss for Q1 2022 was ($2.23) million compared to the overall result of $188,000 in Q1 2021. The loss in Q1 was primarily attributed to the company’s one-time IPO costs, including associated high legal and accounting costs incurred to list on TSXV, which were estimated at ~$1.6 million.
  • Like a March 31, 2022the Company had cash and cash equivalents $1.10 millioncompared to $0.10 million of the December 31, 2021.

Sources

https://financialpost.com/fp-finance/ci-financial-joins-finance-migration-trend-with-miami-office
https://sharoncolonre.com/massive-tech-and-crypto-companies-moving-to-miami/
https://ceo-na.com/business/management-leadership/why-tech-billionaires-are-leaving-california-for-texas-and-florida/

About EasTower Wireless Inc.

The Company, through its wholly owned subsidiary, EasTower Communications Inc.is a WE provider of wireless infrastructure network construction and related services in America. The company specializes in building, installing, upgrading and maintaining next-generation wireless infrastructure networks, including rapidly growing 5G, current 4G and small cell deployments, as well as than the least known and most important infrastructure in the history of the United States, the first responder or FirstNet. initiative. The company’s diverse and industry-leading customer base includes major telecommunications providers, global original equipment manufacturers (OEMs), enterprises and federal government agencies. The Company currently operates in the state of florida

For more information, please visit www.eastowerwireless.com.

Forward-looking information

Certain statements contained in this press release constitute “forward-looking information” as that term is defined under applicable Canadian securities laws. The words “may”, “could”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions in connection with the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. These statements reflect the Company’s current beliefs and intentions with respect to future events, as well as current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to differ from those described herein, should one or more of these risks or uncertainties materialize. Examples of such risk factors include, but are not limited to: credit; market (including stocks, commodities, currencies and interest rates); liquidity; operational (including technology and infrastructure); reputation; Insurance; strategic; regulatory; legal; environmental; capital adequacy; general business and economic conditions in the regions where the Company operates; the Company’s ability to implement its key priorities, including business retention and strategic plans, and to attract, develop and retain key executives; the ability to implement business strategies and seize business opportunities; low profit market segments; disruptions or attacks (including cyberattacks) on the Company’s information technology, Internet, network access, or other voice or data communication systems or services; developments in various types of fraud or other criminal behavior to which the Company is exposed; failure by third parties to meet their obligations to the Company or its affiliates; the impact of new laws and regulations, changes or enforcement thereof; dependence on key suppliers; permitting and licensing in a highly regulated business; the generally difficult litigation environment, including in the WE; increased competition; changes in exchange rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to continue operations; critical accounting estimates and changes to accounting standards, policies and methods used by the Company; the occurrence of catastrophic natural and unnatural events and claims resulting from such events; and risks related to COVID-19, including various recommendations, orders and measures by government authorities in an attempt to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolation, shelter-in-place and social media. remoteness, disruptions in markets, economic activity, financing, supply chains and sales channels, and deterioration in general economic conditions, including a possible national or global recession; as well as the risk factors discussed or referred to in the Company’s disclosure documents filed with the securities authorities of certain provinces of Canada and available at www.sedar.com. If any factor affects the Company in an unexpected way, or if the assumptions underlying the forward-looking information prove incorrect, the actual results or events could differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Further, the Company assumes no responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise the forward-looking information, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

THE SOURCE EasTower Wireless Inc.

© Canada Newswire, source Canada Newswire English

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