
Tower One Announces Filing of Its Q4 and Year 2020 Annual Report
VANCOUVER, British Columbia, May 04, 2021 (GLOBE NEWSWIRE) -- TOWER ONE WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) (Frankfurt: 1P3N) (“Tower One” or the “Company”) filed its financial results for the fourth quarter of 2020 and full year ended December 31, 2020, and the related Management’s Discussion and Analysis; details of which are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com
Highlights year 2020:
- Revenue increased to CAD$9,126,082 for the year 2020 as compared to CAD$5,413,594 for the year 2019 and CAD$1,556,742 for the year 2018 representing a 486% increase over the last two years.
- Revenue increase is a result of (i) additional towers that started to provide service, (ii) increased collocations on existing towers and (iii) the sale of 47 towers (37 in Mexico and 10 in Argentina):
2020 | 2019 | 2018 | Variance | 2 Yr. Variance | ||
CAD$ | CAD$ | CAD$ | CAD$ | % | ||
Tower Rent | 1,774,346 | 1,640,636 | 652,028 | 1,122,318 | 172.13% | |
Sale of Towers | 6,379,100 | 3,211,199 | 0 | 6,379,100 | NA | |
Other Services | 972,636 | 561,756 | 904,714 | 67,922 | 7.51% | |
Total Revenues | 9,126,082 | 5,413,591 | 1,556,742 | 7,569,340 | 486.23% |
- 21 new towers were put into operations with additional 17 new collocations.
- The Company signed 2 (two) new MLA’s in Colombia.
- 37 towers were sold in 2020 to an international tower company and 10 towers were sold to a local tower company. Proceeds were used to repay debt and fund new tower construction activity.
- Tower construction activity increased as the Company was awarded with several search rings, mainly in Colombia.
Financial Highlights of the Full Year of 2020:
The Company's business performance is improving after business transformation initiatives over the past year. During 2020 we saw organic growth in the revenue from its core businesses which was further improved by increased revenue corresponding to the sale of towers.
The Company recorded total revenue of CAD$9,126,082 in 2020, a year over year increase of 68.6%. Gross Profit for the year 2020 was CAD$4,175,069 representing a year over year increase of 64.8%.
The improvement in our net loss is mainly due to the increase of the company´s revenues and a decrease in interest expenses.
As we now transition to local currency financings, we will also limit the cash flow´s impact of the currency devaluation that may happen on the countries that we operate.
Subsequent events:
On March 11, 2021, the Company entered into a loan agreement with a commercial bank for up to $11 million CAD (Colombian Peso $31,632,000,000).
On April 6, 2021, the Company entered into an agreement with a 7-year term for a series of BTS construction projects the first one being the construction of 220 towers. Third party is committed to spend 25% of the construction cost. This group previously had acquired a portion of the US Business “TCTS” Tower Construction and Technical Services Inc.
Outlook:
Mr. Alejandro Ochoa, CEO of Tower One, said, "To enhance Tower One's profitability we initiated a number of actions oriented to focus on our core business.
- We secured a 10 Year Credit Facility with local banks that will support or construction rollout. This Facility will allow for our portfolio to mature and seek additional colocation clients. In addition, this will also enhance our tax strategy as we look to build and hold, rather than sell our towers on a short-term basis.
- Currently we are underway to have the largest tower construction year (2021) in our company’s history estimated to be in the range of 120-200 additional towers.
Looking ahead to 2021 and although the COVID-19 outbreak has yet to be sustained we continue to enjoy the resilience of our core business, servicing investment grade customers under long-term contracts that provide a predictable stream of recurring revenue.”
About Tower One
Tower One Wireless Corp.’s principal business is to build, own and operate multi-tenant wireless telecommunications infrastructure (“towers”) in Latin America. Tower One leases space on its towers to mobile network operators. The Company is focused on the build to suit tower industry whereby a long-term lease is secured with a tenant prior to building a tower. The Company operates in the three largest Spanish speaking countries in Latin America (Colombia, Mexico and Argentina) with a combined population of approximately 220 million people.
Contact Information: | ||
Corporate Communications | ||
Tel: | +1 917 546 3016 | |
E-mail: | info@toweronewireless.com | |
Website: | www.toweronewireless.com |
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
FORWARD LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the Company’s anticipation of strong market demands for its BTS towers in 2020 and thereafter. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contributes to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, present and future business strategies, the environment in which the Company will operate in the future, and other factors, many of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. The Company assumes no obligation to update any forward-looking statements or forward-looking information referenced herein, whether as a result of new information events or otherwise, except as required by applicable securities laws.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release
Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a
DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release
Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68
Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release
Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.
Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release
AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us
Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release
VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin