NuRAN Enables its First Mobile Blockchain Transaction for the Billions of Unbanked


QUEBEC CITY, Jan. 23, 2018 (GLOBE NEWSWIRE) -- NuRAN Wireless Inc. (CSE:NUR) (OTC:NRRWF) is pleased to announce that it enabled blockchain mobile transactions through its LiteCell 1.5 base station for those without bank accounts, empowering them to access the digital economy and all the social and economic benefits that comes with it.

The first such transaction was performed over the weekend in a remote Nigerian village recently connected to the digital world using NuRAN Wireless mobile infrastructure equipment. This site was installed and is operated by Raeanna Nigeria Limited in collaboration with a tier-one operator. This type of transaction can be replicated anywhere else in the world where a NuRAN base station is installed.

Approximately 2 billion people worldwide and roughly 59% of adults in the developing world don’t have a bank account. In some countries, cash transactions represent up to 95% of all transactions. However, a large number of these unbanked people possess a cell phone which provides them with the perfect solution to the lack of security and convenience of cash transactions. The absence of mobile infrastructure remains the major issue with over 1 Billion people with no cellular connectivity.

Blockchain transactions allow the transfer of cryptocurrency such as bitcoin from one person or business to another without any intermediary like a bank. These transactions are done in real-time on a decentralized network to ensure the security and reliability of the whole system. The use of blockchain for money transactions has been identified by many as a potential solution to reduce poverty by democratizing the access to the economy. The Level One Project by the Bill & Melinda Gates Foundation, as an example, is contributing to the blockchain world by creating digital financial services aiming to expand the access to financial transactions and encourage people to widely adopt the technology. Blockchain is breaking the traditional financial service setup which ends up benefiting a greater number of people.

By bringing mobile connectivity through its LiteCell 1.5 to areas yet unconnected to a radio access network, NuRAN not only solves basic communication issues and increases the inhabitants' quality of life, access to e-government services, information and education, it also enables the communities to access the digital trading system, thus dramatically expanding the world in which they can trade, invest, sell, borrow money, develop and expand their businesses and the level of security in which the money is held. NuRAN solves this basic need for communication and trade with the world’s lowest cost (CAPEX) and lowest power consuming (OPEX) base station. With its industry-leading satellite bandwidth optimization features, the base station transports voice and data traffic very efficiently and manages quality-of-service (QoS) such as the over-the-top (OTT) services, like mobile payments on the blockchain, may be facilitated over satellite backhaul without affecting the subscriber experience and while minimizing satellite OPEX.

“NuRAN’s mission to connect everyone, everywhere becomes even more crucial due to the essential social impact and need for mobile banking. This need is addressed through the deployment of our low-cost, solar-powered LiteCell base station which opens up an entire world of opportunity to the communities. We provide these countries, regions and communities through the advent of a network, the essential tools for economic growth and prosperity. This further adds to the increased opportunity for NuRAN in the coming years as mobile banking will further drive the need for connectivity.” explained Martin Bedard, CEO and President of NuRAN Wireless.

"At Raeanna we are exceptionally pleased that NuRAN decided to run this process with us in Nigeria. Showing the usefulness of blockchain in rural communities is directly in line with our need to provide rural communities with technologies that can transform communities and improve lives. Secure financial services are one of those essential services.” stated Tunji Alabi, Executive Director of Raeanna Group.

About Raeanna Nigeria Ltd

Raeanna is a telecoms infrastructure company that creates affordable voice and data solutions, so you can connect and grow. We deploy innovative wireless solutions that connect people and businesses especially in remote communities. Our services enhance the quality of life of the people and communities we serve.

About NuRAN Wireless

NuRAN Wireless is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically drop the total cost of ownership, thereby creating new opportunities for established, as well as emerging mobile network operators. Indoor coverage, isolated rural communities, offshore platforms and ships, NuRAN Wireless helps its customers reach everyone, everywhere.

Nutaq Innovations is a wholly owned subsidiary of NuRAN Wireless. Nutaq is a leading provider of advanced digital signal processing (“DSP”) solutions and wireless technologies, including software defined radios (“SDR”). The Company operates three complementary lines of business; Wireless Network Products, Advanced Development Platforms (“ADP”) and Engineering Services.

For further information about NuRAN Wireless or Nutaq Innovations;

www.nuranwireless.com or www.nutaq.com

Martin Bédard
President and CEO

Tel: (418) 914-7484  Fax: (418) 914-9477
Toll Free: 1-855-914-7484  Email: info@nuranwireless.com ; info@nutaq.com

Direct Financial Strategies and Communication
Frank Candido
Tel:  (514) 969-5530  Email: frank.candido@nuranwireless.com

No regulatory authority has approved or disapproved the information contained in this news release.

Forward Looking Statements

This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of NuRAN Wireless to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include: the Company’s quest to connect the next billion; that this strategic acquisition allows Nuran to offer a complete mobile and broadband solution and the ability to secure the Nuran solution as the leader in rural and remote mobile connectivity, that the acquisition reinforces NuRAN’s strategic positioning towards new and small operators by offering an end-to-end mobile small-cell network solution with the lowest Total-Cost-of-Ownership (TCO) on the market and that the acquisition will allow NuRAN the opportunity to bring cellular coverage to emerging market where the return on investment (ROI) was previously simply too low.   Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability of NurRAN Wireless to obtain necessary financing; general economic conditions in Canada and globally; competition for, among other things, capital and skilled personnel; our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company’s competition; failure to integrate the technology and assets acquired from the Vendors and the Company’s failure to adequately protect its intellectual property; interruption or failure of information technology systems and other risk factors described in the Company’s reports filed on SEDAR), including its financial statements for the year ended October 31, 2015, and those referred to under the heading “Risk Factors”. These forward-looking statements should not be relied upon as representing NuRAN Wireless’ views as of any date subsequent to the date of this press release.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e156b44d-d29a-4138-a49b-be9af37168ee

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