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.
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.
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SOURCE EasTower Wireless Inc.
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