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.
