BOCA RATON, Fla., June 20, 2022 /CNW/ - EasTower Wireless Inc. ("EasTower" or the "Company") (TSXV: ESTW), a US-based provider of next generation wireless communications infrastructure specializing in the construction, installation, and maintenance of 5G and 4G wireless systems, is pleased to announce that it has successfully entered into a Master Service Agreement ("MSA") with one of the largest tower operators in the world (the "Client").
"We are pleased to announce the successful execution of a MSA with a leading telecommunications client, placing Eastower as one of their approved contractors for future developments," said Vlado P. Hreljanovic, CEO of EasTower. "In addition, the Client has invited EasTower to support them in further mandates in three of their other tenancy markets including Nashville, Louisville, and Knoxville, all within the great state of Tennessee. We are very fortunate to have received such a fantastic abundance of demand for our business at a time of global economic volatility and uncertainty. The largest capital market transaction this 2022 calendar year was with a very large tower builder and a bulge bracket bank for over $2 billion. This is a prime example of how the 5G market continues to be resilient to risks of inflation and potential economic recession and remains to grow despite the current market uncertainty. The 5G industry has the confidence behind long term government spending policies that allocated capital to their domestic wireless infrastructure developments."
Mr. Hreljanovic continued, "EasTower continues to advance and provide quality 5G builds to the largest telecoms and tower companies in the United States. Our reputation for quality execution continues to resonate with the large US telcos and main tower companies as we anticipate further expansion into the Midwest through direct invitation from our valued clients with mandates to support the scalable growth that we have positioned our company to be in."
The global 5G service market size is estimated to reach $1.67-trillion (U.S.) by 2030, registering a compound annual growth rate (CAGR) of 52 per cent from 2022 to 2030. The United States is expected to be amongst the key drivers behind this global growth due to government initiatives investing directly into 5G infrastructures and the rising domestic demand for higher data speed applications from both institutional and residential consumers.
About EasTower Wireless Inc.
The Company, through its wholly owned subsidiary, EasTower Communications Inc., is a U.S. provider of wireless infrastructure developments and related services. The Company specializes in the construction, installation, upgrading, and maintenance of next generation wireless infrastructure systems, including 5G, 4G and small cell deployments as well as first responder or FirstNet initiatives. The Company's diverse, top-tier customer base includes major telecom providers, global original equipment manufacturers (OEMs), corporations and federal government agencies. The Company is currently operating in the State of Florida and is focusing on expanding into the Southeastern Sunbelt states of the U.S.