EASTOWER WIRELESS RECEIVES CASH INJECTION FROM MANAGEMENT

BOCA RATON, Fla., Nov. 4, 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 telecommunication networks, announced today it has received a cash loan from its founder and CEO, Vlado P. Hreljanovic, to assist with meeting current working capital requirements.

Mr. Hreljanovic has loaned US$90,000 to the Company pursuant to an unsecured demand promissory note bearing interest at 8% per annum from the date of issue, payable on maturity. The loan is unsecured and is fully redeemable, without bonus or penalty, at any time by the Company.

"While we continue to experience significant demand for our services from our clients that consist of some of the largest telecommunication and tower companies in the country, we require financial support to capitalize on this opportunity," said Vlado P. Hreljanovic, CEO of EasTower. "Due to the scarcity in the current capital markets and my personal confidence in the company, I have agreed to support the business financially with an interim loan as we continue to pursue a number of financing opportunities." 

The loan by Mr. Hreljanovic is a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation approval requirements of MI 61-101 since none of the securities of the Company are listed on a prescribed stock exchange. The transaction is exempt from the minority shareholder approval requirements of MI 61-101 since, at the time the transaction was agreed to, neither the fair market value of the transaction, nor the fair market value of the consideration for the transaction, insofar as it involves interested parties, exceeded 25% of the Company's market capitalization.

While the Company is actively trying to secure debt or equity financing to assist it in meeting its working ‎capital requirements and achieve its business growth objectives, there can be no assurance that one or more financings will result, or successfully ‎conclude in a timely manner or at all. Additional information will be released by the Company as it ‎occurs.‎

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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