NuRAN Wireless: Company Overview

NuRAN Summary

Table of Contents

Investment Overview

Disrupting a Global Problem


NaaS Business Model


Orange (NYSE: ORAN) Partnership

Additional Partnerships

Market Opportunity

Green ESG Investment




Investment Overview

NuRAN Wireless Inc (CNSX: NUR, OTCMKTS: NRRWF, FRA: 1RNA) is a leading mobile and broadband wireless infrastructure solutions supplier. The company is changing people’s lives by providing connectivity to the most remote places on the planet. NuRAN is bridging the digital divide while disrupting the network-as-a-service (NaaS) billion-dollar industry with its recurring revenue model.

CEO Francis Létourneau believes his company is in the early stages of disrupting the telecom and mobile operator market. NuRAN offers a network-in-a-box solution allowing for the deployment of networks anywhere in the world in only a matter of minutes. In addition, NuRAN’s mobile and broadband wireless infrastructure solutions dramatically drop the total cost of ownership. The expense reduction creates a large demand in NuRAN’s services from large telecom operator partners like Orange S.A. (NYSE: ORAN) and MTN Group (JSE: MTN) that can now view rural areas as a valuable business proposition. NuRAN is at an inflection point as it starts to penetrate the African market, signs large contracts and connects people across the globe.

Despite the signing of new contracts, the build-out of its technology sites and growing revenues, the stock price hasn’t seen significant growth, presenting an appealing investment consideration.

Disrupting a Global Problem

NuRAN’s mission is to connect billions of people in rural and remote regions to a fast, reliable, and scalable wireless network. NuRAN’s mobile solutions and services are affordable for those in need but help mobile operators profitably serve off-grid markets that are currently not served. This is a life-changing solution for people that have never been connected to the internet before.

More than half of the world’s population is still not connected to the internet. The rural areas were never the focus of major telecom operators as their business model relies on the most users connecting to their services. With $135 billion spent on mobile networks in 2019 with an average annual mobile subscriber growth rate of 10.7% from 2014-2018, the major telecom companies can no longer ignore the mobile network demand in developing countries.

NuRAN’s products are perfect solutions to connect people who do not have access to internet services and ideal solutions for telecoms because of low cost, ease of installation and no required maintenance. NuRAN is partnering with the largest African telecoms and satellite communication companies to provide its solutions across the African continent.

The impact of NuRAN’s business is transformational to the areas it can now connect. Providing network solutions to the most rural areas will have tremendous social implications. In situations where people could not access money through ATMs or couldn’t transfer money, people will now be able to bank. Rural populations will finally be able to access apps, educational services, healthcare tools, etc. NuRAN owns the key technology which allows for all these benefits and gives the company control over quality and costs.

The United Nations has said, “inclusive and sustainable industrialization, together with innovation and infrastructure, can unleash dynamic and competitive economic forces that generate employment and income.” It has also been statistically proven that an increased penetration rate of network infrastructure solutions (the more people that connect to networks) generates significant aggregate economic growth. NuRAN can help both individuals, economies and governments as a whole.


NuRAN offers the world’s most affordable, lowest power consumption and easiest to deploy wireless solutions. The company’s products help mobile network operators profitably serve off-grid rural areas that currently do not receive internet service.

The company achieves this through its Global Mobile System (GMS), which can be thought of as a network-in-a-box. This all-in-one network solution is small in scale but contains all the elements needed to deploy a network anywhere and in minutes. The GMS acts as a bridge between mobile phone and internet calls. The network-in-a-box can be set up anywhere for the optimal portability and profitability setup. NuRAN also determines the best locations for its products to serve the maximum number of people.


NuRAN’s technology is built into several products which fit the needs of the area establishing new networks:

Global System for Mobile Communications (GSM) LiteCell

NuRAN’s GSM LiteCell is the world’s most affordable GSM base station.

The LiteCell is also the easiest network system to deploy and has the lowest energy consumption of all base stations in the world.

The LiteCell can be transported and set up by one person by mounting it simply on a tower. It does not require any machinery for its installation and does not require shelter to protect it. There is no need for expensive and cumbersome external components. The LiteCell easily connects to any terrestrial or satellite feed network. The extremely low energy consumption minimizes CAPEX costs associated with solar panels and batteries and OPEX for diesel-powered sites.

The LiteCell was specially designed to connect the next billion people who are currently off-the-grid. This affordable solution opens up new horizons for isolated, low-density and low-income populations. Even in the most infrastructure-absent areas, NuRAN’s LiteCell allows operators to expand their network coverage and reach these subscribers while being profitable.

The LiteCell is proven and trusted worldwide and is now in its 4th generation. Thousands of units have been deployed and used in the most trying environmental conditions making the product known for its exceptional reliability.


OpenCellular (OC) 2G GSM Base Station & Facebook, Inc. (NASDAQ:FB) Collaboration

NuRAN’s OC-2G is a disruptive open-source and cost-effective base station and access platform specifically designed to improve Internet and mobile connectivity in remote areas. The base station brings voice and data connectivity profitably to the smallest of communities.

The base station forms a complete radio access network (RAN) that integrates perfectly and expands the footprint of the mobile operator’s existing network systems. RAN’s are a major component of telecommunication company wireless systems that connect individual devices to the core network, which manages subscriber information, location and more.

The OC-2G uses open-source software and interfaces. This software-defined base station is designed to reduce the deployment and operation costs of mobile technology dramatically, thus addressing mobile operators’ most problematic issues wishing to expand their activities to underserved areas. This feature allowed NuRAN and Facebook to collaborate in making Facebook-driven Community Cellular Manager increase the world’s mobile footprint. CCM is a software management and deployment suite that makes it possible for organizations with the limited technical capacity to build cellular networks in their own communities.


NuRAN’s Litecell xG is a 2G, 3G, 4G base station, all within a single unit.

Mobile Network Operators can maximize their return on investment by switching their services from 2G all the way to 5G to their subscribers. This software-defined technology is therefore future-proof and can evolve as the available network standards in rural areas also evolve.

The multi-standard solution simplify’s mobile operators’ decision-making when faced with the dilemma of investing in technology to be deployed while considering current and future needs. Without compromising on cost or performance, operators will be able to install a single piece of equipment, and at any time, decide which services should be offered based on user uptake. In addition, the technology eliminates the need to replace 2G-only equipment for the next generation of network solutions, further reducing future expenses for mobile operators in rural areas.


Nexus Core Network

NuRAN’s Nexus Core Network is an end-to-end mobile network solution that operates as a complete turnkey for small-to-medium-sized mobile operators.

Mobile operators face a steep barrier to entry from high-cost core network systems imposed by traditional telecom equipment vendors. Nexus breaks down this barrier by offering the most affordable, carrier-grade solution on the market. When combined with one of NURAN’s products discussed above, a small-to-medium-sized mobile operator can own a complete end-to-end network with minimal upfront investment.

The simplicity of the setup and deployment also makes the solution ideal for humanitarian and government organizations looking to bring connectivity to previously disconnected populations.

Nexus is also well suited to existing operators whose core network might be saturated or outdated, preventing them from further expansion unless large investments are made to upgrade. Nexus may then be used to carry all additional traffic without the need for a complete overhaul.

NaaS Business Model

NuRAN’s telecom products deliver a low-cost network in any rural area. Its products not only connect as many inhabitants as possible into the digital world but allow the largest Tier 1 telecom mobile operators to operate the network profitably.

Traditionally, mobile operators typically devote most of their efforts and resources to densely populated areas. This is because the large urban areas serve the most people and therefore create the most value. However, NuRAN’s network-as-a-service presents opportunities for mobile network operators, governments and communities to utilize rural areas as well.

NuRAN’s technology significantly reduces the capital and operational expenses in rural locations. Capital expenditure is reduced from NuRAN’s low-cost wireless infrastructure. The technology’s low power consumption reduces investments in solar energy and batteries. The technology was built to be robust and is built simply, so there is no unit maintenance or support required. All these capital savings allows a smaller subscriber base in rural areas to offset these costs.

The NaaS model itself helps telecom companies expand and upgrade their existing networks to meet coverage obligations and capacity requirements without large capital investment. NuRAN partners pay a service fee, either a revenue-share or fixed-OPEX model with guaranteed minimums set to cover in-country operating costs. NuRAN’s existing contracts using this model have a 10-year monthly recurring revenue (MRR) timeframe.

Business Model

As mentioned, traditional mobile operator models are designed for densely populated areas. NuRAN’s typical off-grid cellular sire generates half of a traditional tower revenue but costs five times less. The savings yield has an EBITDA/CAPEX ratio three times higher. The economics of using NuRAN’s services proves the model, even in lower-density, lower-revenue markets.

Traditional off-grid site vs NuRAN

Another key point within NuRAN’s business model is the CAPEX for each new site in new jurisdictions. NuRAN is working with commercial banks in Cameroon and DRC to finance each site through debt. NuRAN’s balance sheet, currently having no long-term outstanding debt, enables this business plan to exist.

Recurring revenues generated from the sites pay off the CAPEX debt, allowing NuRAN to profit from the future recurring revenues. Therefore, NuRAN doesn’t need to invest much of its own capital into each project but takes advantage of all future recurring revenues.

NuRAN’s NaaS business model has been deployed and tested in rural countries in Africa. The success of NuRAN’s technology coupled with the correct financial incentives for mobile operators to utilize its systems led to major service agreements within Africa.


67% of the almost 4 billion people who reside in sub-Saharan Africa do not have internet access. The problem will only grow if not addressed as the population of sub-Saharan is set to increase more than twofold by 2050.

Presently, most of Africa remains on 2G telecom services due to poverty in the region. 2G is more affordable. Despite poverty, 93% of Africans have a cell phone and are ready for this service, right now. NuRAN will experience additional business opportunities as sub-Saharan telecoms eventually evolve from 2G up to 5G, as each improvement will need additional towers to support bandwidth requirements.

NuRAN’s technology solutions have 2G, 3G, 4G, and 5G, all within its network-in-a-box. Simply put, NuRAN can turn the switch to upgrade its network services to the next generation at any time. As African populations use more data as more people become connected, countries will upgrade their cellular services to accommodate new devices at a better speed. More data being used by the people connecting to the network equates to more revenue for the mobile operators.

With possible upgrades on the horizon, large telecom corporations are taking notice of the lucrative opportunity. This appears to be a catalyst for the signing of major service agreements between NuRAN and Orange S.A.

Orange Partnership

NuRAN announced that it signed contracts with Orange (NYSE: ORAN) to expand the NaaS business model across Africa.

The agreement is for the build-out of networking sites in Cameroon and the Democratic Republic of the Congo. It features a revenue share structure with a minimum guaranteed monthly recurring revenue per site. The contracts have a minimum term of ten years.

Each NaaS contract has the capacity to connect 10’s of millions of people with gross revenues expected to be over C$40 million per year for each nation. NuRAN has projected a 45% EBITDA, including local and head office operating expenditures for all its projects.

NuRAN already has 2,200 sites under contract. This is the first step in the company’s goal of 10,000 sites under contract by the end of 2022.


The Cameroon Orange contract is for the buildout of 242 sites. The first set of 48 sites have been acquired, and the procurement process has been completed. During this process, NuRAN found significantly higher population densities than anticipated.

The entire 48 sites are expected to be completed and fully operational by the end of 2021, at which point, NuRAN will start invoicing Orange Cameroon and start generating recurring revenues.

The second set of 74 sites have been selected. The site planning and procurement process for the 74 sites is expected to be completed, operational and delivering revenue in December 2021.

The site selection and site acquisition are currently ongoing for the remainder of the 242 sites.

A financial analysis of the initial 122 sites selected suggests potential gross revenues of $30 Million over the 10-year life of the contract.

Final negotiations are being completed within Cameroon for a debt financing facility with a local commercial bank. Although NuRAN has the funds needed to complete the Cameroon contract, this cash can be preserved and partially used as collateral supporting non-dilutive debt.

The Democratic Republic of the Congo (DRC)

The Cameroon Orange contract is for the buildout of 2,000 sites. NuRAN is planning to deliver over 50 sites in 2021. The company is also evaluating a list of 3,000 potential site locations for the remaining 1,950 locations. NuRAN is also engaged in discussions with several international financial institutions on alternative financing strategies to support the rollout.

NuRAN continues to build its strategy for airtime sales and distribution in DRC as well. This strategy could yield an additional 5% of revenue and would help NuRAN secure and maintain control of the sales and distribution channels of Orange products.


The inhabitants of the northern region of Ghana were previously uncovered by any mobile network. In rural areas such as this one, it is simply not economical to use traditional towers found in towns and cities, leaving rural populations unconnected and therefore unable to make use of the life-enhancing benefits that mobile coverage can provide.

The Connected Society Innovation Fund for Rural Connectivity, which is funded by UK aid from the Foreign, Commonwealth and Development Office (FCDO), was set up to expand digital inclusion in rural areas through innovative new technology solutions.

Since NuRAN Wireless provides carrier-grade low CAPEX and low OPEX Mobile Broadband Infrastructure Solutions with unsurpassed reliability, the Connected Society Innovation Fund for Rural Connectivity granted the company over GBP£330,000. The funding was allocated for NuRAN to showcase innovation in passive equipment, radio access networks (RAN), power, backhaul, and business models that would improve the commercial feasibility of rural connectivity.

In partnership with Vodafone Ghana, and with support from **The Ghana Investment Fund for Electronic Communications** (GIFEC), NuRAN Wireless has now successfully deployed all seven mobile network sites in northern Ghana.

As of April 2021, NuRAN’s Ghana sites have a penetration rate (the number of active users within a specific population) of 63% based on the population census for the region. This represents an 18.5% increase the prior two months. The high penetration rate also outperforms NuRAN’s initial estimation by 109%. As NuRAN’s NaaS revenue model is based upon the penetration rate for each of its sites, NuRAN uses conservative estimations to ensure the chosen site locations are successful.

The success of these sites and the associated penetration rate is a promising sign as NuRAN continues to develop sites across lots of rural Africa.


NuRAN and Telinno-Consulting Limited intend to install a minimum of 150 rural networking sites in Mali within the next 18 months with a ten-year term commitment. The agreement is intended to provide mobile connectivity solutions through the NuRAN NAAS model in partnership with mobile network operators in Mali.

NuRAN’s geo-marketing specialists have already begun scouting the country and pinpointing specific areas which require and necessitate mobile connectivity.

Telinno is a leading Telecoms Service Provider in West Africa. The telecom company has a proven track record in the industry within the African continent in the deployment of new technologies and fine-tuning of end-to-end performance of mobile networks. NuRAN Wireless joins the ranks of other Telinno clients such as Orange, MTN, Nokia, Ericsson, and Huawei.

Sierra Leone

NuRAN and Sierra Tel intend to deploy a minimum of 125 rural networking sites in Sierra Leone within the next 18 months. NuRAN will design, engineer, deploy and commission a 2G and 3G network to cover the rural and remote areas of Sierra Leone. NuRAN has already identified 88 locations throughout the country based on population densities.

Sierra Tel is Sierra Leone’s only provider of land and mobile communications. The company’s primary objective is to provide telecommunication services throughout rural and remote areas of the country.

South Sudan

NuRAN and MTN Group Limited (JSE: MTN) intend to install a minimum of 250 rural networking sites in South Sudan within the next 24 months, with a ten-year term. The agreement is intended to provide mobile connectivity solutions through NuRAN’s NaaS model.

MTN is Africa’s biggest mobile phone company, with more than 280 million customers in 21 markets. It is another market mobile operator at the forefront of technological and digital changes. MTN provides a diverse range of voice, data, digital, fintech, wholesale and enterprise services to more than 280 Million.

The addition of adding South Sudan to the NuRAN portfolio is another important step towards achieving the company’s goal of 10,000 total African sites.


NuRAN and Raeanna Nigeria Limited joined forces to expand mobile connectivity in Africa.

Raeanna is an infrastructure operator for wireless telecommunication in Nigeria and Sub-Saharan Africa. The collaboration leverages Raeanna’s extensive expertise in setting up and operating telecommunications infrastructure and NuRAN’s proven mobile wireless solutions. The partnership should result in best-in-class capabilities to deploy cellular sites cost-effectively and maximize return on investment.

NuRAN’s radio access solutions have helped mobile operators achieve a much faster and greater return on investment compared to using the solutions from traditional vendors. Moreover, this is achieved while still providing the high grade of service that Mobile Network Operators expect.

NuRAN Wireless has a game-changing history within Nigeria. NuRAN enabled the first blockchain mobile transactions in the nation through its LiteCell 1.5 base station. That site was also installed and operated by Raeanna Nigeria Limited in collaboration with a tier-one mobile operator.

This technological development has empowered the country by providing access to the digital economy and all the social and economic benefits associated with it.

By bringing mobile connectivity to areas yet unconnected to a radio access network, NuRAN not only solves basic communication issues and increases the inhabitants quality of life, access to e-government services, information and education, it also enables the communities to access the digital trading system, thus dramatically expanding the world in which they can trade, invest, sell, borrow money, develop and expand their businesses and the level of security in which the money is held.

Additional Partnerships

NuRAN Wireless’ solutions are being either tested or operated by mobile network operators in more than 20 countries across Africa and also in South East Asia, South America and Latin America.

NuRAN has also established partnerships with key industry players such as satellite operators and tower companies to increase its market share further. In addition, the successful qualification of global Tier 1 companies and key global organizations in their respective categories put NuRAN in a position to generate significant business in both the short and long term.

Eutelsat: Leading Satellite Operator

Eutelsat Communications S.A. (EPA: ETL, OTCMKTS: EUTLF) is one of the leading operators in the commercial satellite business. Eutelsat has a fleet of 39 satellites serving broadcasters, video service providers, telecom operators, ISPs and government agencies operating across Europe, Africa, Asia and the Americas. The major satellite operator has annual revenues in the billions of Euros and stated that its last year was a turning point for its connectivity business.

As the world becomes increasingly connected, so do the connectivity needs of people, businesses and nations. With increasing digitalization, remote offices, field operations, and science and research missions are all in need of a reliable connectivity service beyond the reach of terrestrial support.

Eutelsat’s global network’s coverage provides high-end connectivity to users beyond the range of terrestrial networks through an innovative satellite network-as-a-service experience.

If there were a perfect partner for Eutelsat’s existing services, it would be the synergies of NuRAN’s technology and business plan.

Spacecom: AMOS Satellites, Global Communications & More

Space-Communication Ltd. (TLV: SCC, OTCMKTS: SPMMF) supplies and markets satellite communication services globally. Spacecom is the proprietary owner and operator of the AMOS satellite fleet.

Spacecom provides vast, reliable coverage over Africa, Asia, Europe and the Middle East via their satellite fleet. The company also holds various teleports strategically positioned in Africa, the Middle East, North America and Europe. Its recent satellite addition, AMOS-17, is a fully digital and advanced High Throughput Satellite (HTS) which further expands Spacecom’s reach over Africa, the Middle East and Asia.

The company’s vision is to connect off-grid communities and provide them with its wide arrange of digital services. Spacecom wants to provide 100% nationwide connectivity to drive economic growth and prosperity.

Spacecom’s highly cost-effective, sustainable, and scalable solutions match the ever-changing requirements and needs of any nation, especially those with large rural areas.

With Spacecom’s mission and coverage of Africa, it makes sense the Israeli satellite joined forces with NuRAN Wireless and its goals.

Spacecom bought a 9.3% stake in NuRAN Wireless to deepen its presence across Africa. The deal worth $11 million includes exclusive rights for providing satellite capacity and bandwidth to NuRAN’s future operations in Africa, where Spacecom provides services with its Amos-17 spacecraft. It also covers managed services contracts NuRAN has to extend telco partner Orange SA’s mobile network in Cameroon and DRC.

Market Opportunity

Africa is the first targeted geography NuRAN has launched its business plan within. But with 53% of the world is still without the internet, the opportunities in other places in the world are vast. Latin America and Southeast Asia are other key regions that are still under-penetrated.

Global Expansion

Investors should be on the lookout for NuRAN’s expansion into new countries and emerging markets. NuRAN has multiple partnerships, with prospects on the horizon, which subsequently could see its footprint increase in 13 more African countries alongside further expansion in Latin America.

NuRAN is already operating in twenty countries with 20 countries with 435 operational sites. However, NuRAN’s objective isn’t to stop there. 10,000 is the number of sites the company has tasked itself to complete over the next five years. The growing pipeline is in the proposal stage with large mobile wireless operators (MNOs) such as MTN Group Limited (JSE: MTN) and Vodacom Group Ltd (JSE: VOD) for the company’s next round of contracts.

Global Expansion

African Network Evolution (2G, 3G, 4G, & 5G)

5G is the fifth generation technology standard for broadband cellular networks.

Currently, only 3% of the world’s mobile phone connections are on 5G. But, 5G will likely cover a third of the world’s population by 2025. By 2025, the GSMA expects that 3G usage in sub-Saharan Africa will increase to 53%, as well as usage of 4G to 25%, while 2G will decline to 10%

Sub-Saharan Africa is expected to be one of the slowest regions to adopt the new technology as a result of the high cost of deploying 5G technology and the higher cost of 5G phones. However, this could change with NuRAN Wireless’ new network-in-a-box service, which is not only affordable but can be implemented to support network upgrades from 2G all the way up to 5G. This simple upgrade measure also saves costs for countries needing to do further upgrades in the future.

Currently, less than 1% of mobile phone connections in the region are on 5G but is predicted to increase to 7% by 2026


OTCQB Uplisting

NuRAN has initiated the process of uplisting to the OTCQB markets in the United States.

Although the OTCQB is not one of the major U.S. stock exchanges, the up-listing will open up the universe of potential investors. The up-listing will provide NuRAN Wireless’ shareholders with higher trading volumes and, as a result, greater liquidity.

Liquidity can be a key factor in a fund manager’s decisions to own the stock, as well as financial and other structural factors.

Additionally, with more eyes on NuRAN, the company could receive additional analyst coverage to report about the company. Garnering research opportunities helps to broaden visibility, awareness and extend reach to new investors through their sales organizations, thus potentially driving further revenues.

All of this factors in and creates self-propelling momentum for an up-listed security.

NaaS Market

The global Network-as-a-Service market was valued at USD 8.04 billion in 2020 and is expected to reach USD 45.03 billion by 2026, registering a CAGR of 33.05% during the forecast period of 2021-2026.

Network as a service offers companies greater flexibility and even performance gains in their network infrastructure. NaaS can also help companies that want greater flexibility in provisioning without having to rearchitect networks or redo contracts from the ground up.

The rising need for global connectivity and intensifying awareness about the economic benefits of NaaS are some of the drivers, which in turn, endowed the growth and evolution of this market.

NuRAN’s Network-as-a-Service (NaaS) model allows Africa’s tier-1 mobile operators to expand their network coverage, deep into rural areas, with no CAPEX investment and no OPEX risk. NuRAN uses highly-advanced technology to enable services to be delivered economically and sustainably to smaller communities than has ever been possible before. NuRAN is bringing 2G, 3G, 4G and 5G data connectivity to towns and villages which have previously been unconnected.

Africa remains one of the fastest-growing mobile communication markets in the world. By 2025, in Sub-Saharan Africa, mobile broadband subscriptions will reach around 70% of the mobile subscriptions, with increased 4G coverage and uptake being the main growth engine. Growth factors behind this shift include a young population and the availability of lower-priced smartphones.

The rising number of single mobile subscribers and the increasing penetration of mobile are the major factors fuelling the country’s IT & telecom sector’s growth. According to the GSM Association, in 2019, the mobile connections in Sub-Saharan Africa were 45% and are expected to reach 67% by 2025.

The average proportion of African IT services consumed via subscription will accelerate by 41% in the next two years, from 29% of the total today to 41% in 2022. The share of organizations that consume a majority (over 50%) of their IT solutions “as a service” will increase by approximately 74% in that time.


Green ESG Investment

As well as offering the world’s most affordable wireless solutions backed by a model predicted to have great economics, NuRAN is also an Environmental, Social, and Governance (ESG) investor play.

Socially responsible investing is a priority in today’s investing climate. Financial returns are evaluated alongside a company’s impact on the environment, stakeholders, and the planet.

ESG investments could become a $1 trillion category by 2030, according to Blackrock head of iShares Americas.

On top of the social implications of NuRAN’s technology and services, NuRAN’s network solutions are solar-powered, connect through satellites, and have no maintenance.

NuRAN is a green company connecting the most remote “greenfield” areas. Greenfield is the term used to describe undeveloped areas within or outside a city.

In 2018, NuRAN Wireless was the winner of the Frost and Sullivan *Sub-Saharan African Tower Infrastructure Enabling Technology Leadership* Award. The award recognized the significant social and economic impact of its rural-targeted mobile connectivity solutions.

Frost & Sullivan awarded NuRAN with this prestigious recognition for its innovative mobile infrastructure solutions and underlying technologies, which are enabling Sub-Saharan mobile operators to expand their network and subscriber reach into the more rural and remote areas. In its analysis, Frost & Sullivan underlines the significant impact of NuRAN’s technology on not only the African but worldwide thrust towards digital inclusion of the next billion and highlights the company’s leadership position in rural connectivity.

Global AUM invested in ESG mandates (in USD tn)


All figures reported in Canadian dollars (CAD)

Insiders own about 7.9% of the shares in the company. 29.2 million shares are outstanding, 1.3 million stock options with a weighted average exercise price of $2.32 expiring between 2022 and 2027. 10.9 million warrants outstanding with a weighted average exercise price of $1.72 expiring between 2022 and 2025.

CEO Francis Létourneau is a large company shareholder, which always instills confidence for shareholders that the president has skin in the game. It is also reassuring that the CEO’s contract has been built to hit milestones. Again signifying that the CEO’s incentives are aligned with the company’s continued growth.

Cash reported at the end of July was $7,391,735, while NuRAN announced in October the company no longer has any outstanding long-term debt.

Since then, NuRAN has closed a non-brokered private placement. The majority of which had a lead order from Space-Communications Ltd for gross proceeds of $11,065,433. The funds will advance NuRAN’s projects under the NAAS contracts with Orange. The investment from SpaceCom also showcases NuRAN’s ability to attract significant and experienced new partners. This is a vote of confidence for NuRAN’s new NaaS business model and the company’s ability to deliver on its projects and its objectives.

NuRAN underwent a one for twenty-five (1:25) rollback of its issued and outstanding common shares, reducing the share count to approximately 32.5 million.

The company is also working on a debt structure that would mean less dilution for future shareholders.

Following an update from the first live sites in Cameroon. NuRAN’s sites reached an average penetration rate of 45.9% (the number of connections to a service divided by the population) – more than double NuRAN’s initial projections. These live statistics have increased the average revenue generated from these sites by over 90% to $2,335 per site.

With the initial assumption of operating 10,000 sites in the next five years, revenues were expected to be $250 million annually with a 50% EBITDA, equating to $125 million. But again, those numbers are conservative, even pessimistic, compared with the revenue generation of NuRAN’s current sites.

NuRAN is expected to reach up to 450 sites delivered by the end of Q3 2022. The revenue generated from that number of live sites, puts the company into a positive EBITDA position.

The market cap is currently $46 million.


Francis Létourneau, President & Chief Executive Officer

Francis Létourneau is a seasoned and accomplished Sales and Marketing executive with over 25 years of experience in the telecom industry. Mr.Létourneau has 20 years of experience at NuRAN Wireless, proving his loyalty to the company’s development and the mission to connect the world. Mr. Létourneau was initially promoted to a member of the Board of Directors at NuRAN in 2015.

This experience has now earned him the title of President and CEO of NuRAN Wireless. Mr. Létourneau has been instrumental in steering NuRAN into a new direction through the implementation NAAS business model, which now defines NuRAN as Mobile Network Operator. As a result of this strategic initiative, NuRAN Wireless has now generated over $550 Million in contracts in its initial year as an MNO.

Jim Bailey, Chief Financial Officer

Jim Bailey has over 25 years of experience working with Telecoms, Media and Technology companies. Over those years, Mr. Bailey’s roles have included Director of M&A, Chief Financial Officer, Chief Executive Officer and Director.

A significant role in the telecom space was CEO of Telecel International, a subsidiary of Orascom Telecom Holdings, which had operations across sub-Saharan Africa. He also worked in Business Development for the group covering the EMEA region and was CFO of Orascom Telecom WiMAX Limited, a joint venture with Intel Capital.

For the last ten years, Jim has worked as a financial consultant to SMEs providing corporate finance advice in M&A, business planning and as interim/part-time CFO.


NuRAN Wireless has the technology and recurring revenue network-as-a-solution model setup to be able to change the lives of more than half the population of the world.

The partnerships already established with large telecoms and satellite communication companies are indicative of NuRAN’s ability to walk the talk by bridging the digital divide.

The business model will only be further proved as more contracts with Tier 1 telecom companies get signed, and revenues hit the company’s bottom line.

The revenue growth from signing these contracts and the operation of thousands of new network sites should begin to capture investor attention and boost the stock price.

Important Disclosure
Midas Letter and Global Financial Network Ltd. (“GFN”), the author, owns shares of NuRAN Wireless Inc. (“NuRAN”). NuRAN and GFN have signed a consulting services agreement for a term of one year whereby GFN will aim to maintain and build the profile and investor awareness of NuRAN through online traditional press initiatives, video and social media initiatives in consideration of a cash payment of $50,000 payable in two equal installments in October 2021 and January 2022 and the grant of options to acquire 250,000 common shares of NuRAN at an exercise price of $1.70 per common share for a term of five years from the date of the grant, vesting quarterly over the one year term of the agreement. The options are subject to applicable policies of the Canadian Securities Exchange and applicable securities laws and will be subject to a hold period of four months commencing on the date of grant of the options. Therefore, GFN will benefit from any increase in the share price of NuRAN.
The statements made in this publication constitute forward-looking statements under the definition of various securities acts in jurisdictions including Canada, the United States, and the rest of the world. Such statements should not be relied upon to make an investment decision, and readers of this content are advised to consult with a registered investment professional prior to making any investment decision.
All statements made in this content are derived from information provided by the company and are publicly available. No warranty of accuracy is expressed or implied. This article constitutes an advertisement and should be read in that context.