BOCA RATON, Fla, May 25, 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 won another significant new site build from one of the largest national tower owners in the United States (the "Client"). The contract is the largest one received to date.
"We are continuing to benefit from the growing demand for 5G infrastructure, as evidenced by the bids won against our competition, thus increasing our pipeline of business we are currently experiencing," said Vlado P. Hreljanovic, CEO of EasTower, "Additionally, we are recognizing a larger amount of new build sites over the previous year, and further diversifying our revenue streams as we add to our portfolio of tier-1 clients. We are also on pace with expanding our crew counts to continue addressing the significant demand we are currently facing in this exciting telecommunications market. We expect to continue with our ramp up for the remaining months of 2022 and well into 2023. Our focus remains to be investing in growing our business, efficiently scaling our operation while maintaining the highest quality 5G builds."
The global 5G service market size is estimated to reach $1.67 Trillion USD by 2030, registering a compound annual growth rate (CAGR) of 52% from 2022-2030. (1) The US is expected to be amongst of 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.
Source(1) https://www.prnewswire.com/news-releases/5g-services-market-size-worth-1-67-trillion-by-2030-with-cagr-of-52-0-grand-view-research-inc-301503805.html
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.
For more information, please visit www.eastowerwireless.com
Forward-Looking Information
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and 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 vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; environmental; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including business retention, and strategic plans and to attract, develop and retain key executives; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume 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 any forward-looking information, other than 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.
SOURCE EasTower Wireless Inc.
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