EasTower Wireless Announces That It Anticipates a Temporary Delay in the filing of Financial Statements, Anticipated FFCTO and Transfer of Listing From the TSXV to the NEX

EasTower Wireless Inc. (“

EasTower

” or the “

Company

”) (TSXV:ESTW), announces that it anticipates that it will miss the deadline of May 1, 2023 to file the Company’s ‎audited annual financial statements and management discussion & analysis for the ‎financial year ended December 31, 2022, and the CEO and CFO certificates, all as ‎required by National Instrument 51-102 - ‎Continuous Disclosure Obligations ‎and National Instrument 52-109 - Certification of Disclosure in Issuers’ ‎Annual and Interim Filings (collectively, ‎the “

Documents

”).‎ The anticipated delay is due to the ‎Company’s current financial position.‎ The Documents are required to be filed by ‎May 1, 2023 (the "

Filing

 ‎

Deadline

"). As a consequence, if the Documents are not filed by the Filing ‎Deadline, the Company anticipates ‎the imposition by the Ontario Securities Commission of a Failure-to-File Cease Trade Order ‎‎("

FFCTO

").‎ The Company intends to seek capital by means of a debt or equity financing and then work diligently and ‎expeditiously with its auditors to file the Documents as soon as possible.‎

In addition, as a result of the Company ceasing business operations, as announced on January 12, 2023, the TSX Venture Exchange (the “TSXV”) has advised the Company that the trading of EasTower’s common shares will be transferred to the NEX Board of the TSXV effective at the opening of the market on April 28, 2023. The trading symbol for the Company will change from ESTW to ESTW.H.

The Company also announces the resignation of Margaret Perialas as Executive Vice-President and Corporate Secretary of the Company, and of Ted Boyle and Fred Buzzelli as directors of the Company. The directors of the Company are now Vlado P. Hreljanovic, Margaret Perialas and Joel Liebman.

For further information

Vlado P. HreljanovicChief Executive OfficerPh: [phone]Email: [e-mail]

Shareholder Communications Contact

Email: [e-mail]

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.

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, including: statements with respect to the issuance and timing of an FFCTO; the filing of the ‎Documents; and the Company completing a financing‎; 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, including risks related to the failure of the Company to raise capital‎ and 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.