ESTW Eastower Wireless Inc

Full Year 2021 Gross Profit Margin at 43%

BOCA RATON, FL, April 28, 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 report audited financial results and operating highlights of its wholly owned operating subsidiary, EasTower Group Inc., for the twelve months ended December 31, 2021.

The audited financial statements for the financial years ended December 31, 2021 and 2020, are available on the Company's website at https://www.eastower.com and under the Company's profile on SEDAR at www.sedar.com. Unless otherwise specified, all amounts are in U.S. dollars.

"Now that we are publicly listed, we have the opportunity for access to the capital needed for expansion and we can aim towards capitalizing on the rapidly growing 5G industry and the enormous demand we are experiencing in Florida and the surrounding states for 5G infrastructure buildout," said Vlado P. Hreljanovic, CEO of EasTower. "Our revenue for the year was impacted by delayed public listing procedures and limited access to growth capital. However, since the pandemic started, and due to the favorable tax and weather climate, there has been a growing trend from technology and finance businesses to relocate or expand their operations in the southern Sunbelt States. This has led to well-known companies such as CI Financials, Blackstone, Microsoft, Spotify, and many others to expand or relocate their operations to Florida where our 5G infrastructure developments are positioned to support the growing commercial activity."¹

Mr. Hreljanovic added, "With the trend for the current workforce moving to a more flexible remote model, there is also a growing demand for 5G. We are excited to be in this growing market and providing long term stable solutions for future high-growth 5G infrastructure development needs within the Southeastern United States."

• Total Revenue was $1.49 million in 2021 compared to $2.89 million in 2020
• Cost of Sales decreased to $852K in 2021 compared to $1.67 million in 2020
• Gross Profit was $640K in 2021 compared to $1.22 million in 2020
• Loss and total comprehensive loss for the year was $1.19 million in 2021 compared to $2.03 million in 2020.

The Company, through its wholly owned subsidiary, EasTower Communications Group Inc., is a U.S. provider of wireless infrastructure developments and related services. The Company specializes in the construction, installation, upgrading, and maintenance of 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 potential expansions in the Southeastern Sunbelt states of the U.S.

For more information, please visit www.eastowerwireless.com

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 the Company accessing capital now that it is public, 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: risks associated with ‎existing, new or changing governmental regulations; ability of the Company to obtain and maintain ‎necessary permits, licenses and approvals; ability of the Company to obtain debt or equity financing to ‎support its operations; availability of funds and resources to pursue operations; risks associated with debt; ‎potential liability for actions of employees, contractors and consultants; competition; the ability to ‎‎implement business strategies and pursue business opportunities; ability to retain and attract customers; ‎estimation and assumption of costs associated with providing services under master service agreements; ‎credit risk; seasonality of demand for the Company's services; variability of operating costs, including fuel, ‎equipment and contractors; risks associated with failure to comply with applicable regulations; hazards and ‎liability associated with the Company's operations; ability to recruit and retain employees and contractors; ‎changes in the telecommunications industry and the Company's ability to adapt; lack of sufficient insurance ‎coverage; risks inherent in use and retention of subcontractors; market fluctuations (including equity, ‎commodity, ‎foreign exchange and interest rate); liquidity risk; reputational risk; 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 and to ‎attract, develop and retain key executives; cyber, privacy and ‎information technology-related risks; counter-party risks; risks related to pandemics and endemics, ‎including COVID-19; the occurrence of natural and unnatural ‎catastrophic events and claims or disruptions ‎resulting from such events; litigation risks; 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.‎

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.