BOCA
RATON, Fla., March 29,
2022 /CNW/ - EasTower Wireless Inc.
("EasTower" or the "Company") (TSXV: ESTW), formerly
OV2 Investment 1 Inc. (TSXV: OVO.P), a US-based provider of
wireless communications infrastructure specializing in the
construction, installation, and maintenance of 5G and 4G wireless
systems, is pleased to announce that it will commence trading on
the TSX Venture Exchange (the "TSXV") at the
opening of the market on Tuesday, March 29, 2022 under the
symbol "ESTW".
"I believe we are in the middle of a new industrial revolution,
and we are providing the foundation and infrastructure that enables
this progression to take place," said Vlado
P. Hreljanovic, Founder and CEO of EasTower. "To date we
have built a solid foundation in our business to capitalize on this
opportunity and we are extremely excited to have the support of the
Canadian capital markets to aggressively scale our business and we
are thrilled to provide our shareholders a direct access to be part
of this exciting journey with us."
The Company is also pleased to announce that it has retained Red
Cloud Securities Inc. ("Red Cloud") to provide market making
services to the Company in compliance with applicable securities
laws and the policies of the TSXV. Red
Cloud is a Toronto-based
financial services company that provides assistance to companies in
accessing capital markets and enhancing their corporate profile.
Red Cloud intends on trading common
shares of the Company for the purposes of maintaining a reasonable
market and improving the liquidity of the Company's common
shares.
Under the agreement, which is subject to TSXV approval, the
Company will pay Red Cloud
$5,000 per month, payable quarterly
in advance. The term of engagement is ongoing and may be terminated
by either party on 30 days' prior written notice. The Company and
Red Cloud have an arm's length
relationship, but Red Cloud and/or
its clients may have an interest, directly or indirectly, in the
securities of EasTower. The agreement is principally for the
purposes of maintaining market stability and liquidity for the
Company's common shares and is not a formal market making
agreement. There are no performance factors contained in the
agreement between Red Cloud and the
Company and Red Cloud will not
receive any shares or options from the Company as compensation for
services it will render.
About EasTower Wireless Inc.
The Company, through its wholly owned subsidiary, EasTower
Communications, Inc., is a U.S. provider of wireless communications
infrastructure and related services. The Company specializes in the
construction, installation, upgrade, and maintenance of wireless
communication systems, including 5G, 4G and small cell deployments
as well as first responder or FirstNet initiatives. Their diverse,
top-tier customer base includes major telecom providers, global
original equipment manufacturers (OEMs), corporations and federal
agencies. The Company is currently operating in the Florida market and focusing on potential
expansion in the southeastern region of the US.
About Red Cloud Securities
Red Cloud is registered as an
Investment Dealer in Ontario,
Quebec. Alberta and British
Columbia and is a member of the Investment Industry
Organization of Canada (IIROC). It
is focused on providing unique comprehensive capital market
services and innovative financing alternatives. The company was
founded by capital markets professionals who designed the firm to
service small public and private companies.
Forward-Looking Information
Certain statements contained in this news release, such as
the anticipated trading day on the TSXV and the Company's business
plans, constitute "forward-looking information" as such term is
used in applicable Canadian securities laws. Specifically, this
news release contains forward looking information relating to,
among others, the engagement of Red
Cloud and the results of their services, trading of the
Company's common shares and the Company's business strategy and
potential expansion activities. Forward-looking information is
based on plans, expectations and estimates of management at the
date the information is provided and is subject to certain factors
and assumptions, including, TSXV approval of the agreement with
Red Cloud, that the Company's
financial condition and development plans do not change as a result
of unforeseen events, that the Company obtains regulatory approval,
the success and viability of the Company's business strategy and
expansion plans, including ability to hire the necessary
individuals and obtain supplies and contract with third party
customers. In addition, any potential expansion of the Company's
operations is subject to the Company raising additional capital.
Forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause plans, estimates
and actual results to vary materially from those projected in such
forward-looking information. Factors that could cause the
forward-looking information in this news release to change or to be
inaccurate include, but are not limited to, the risk that any of
the assumptions referred to prove not to be valid or reliable, that
occurrences such as those referred to above are realized and result
in delays, or cessation in planned work, that the Company's
financial condition and development plans change, as well as the
other risks and uncertainties applicable to the Company as set
forth in the Company's disclosure documents filed under the
Company's profile at www.sedar.com. The Company undertakes no
obligation to update these forward-looking statements, 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.