Tower One Secures Financing for 150 Towers
finance.yahoo.com
VANCOUVER, British Columbia, April 04, 2019 (GLOBE NEWSWIRE) -- TOWER ONE WIRELESS CORP. (CSE:TO) ( TOWTF) ( 1P3N.F) (“Tower One” or the “Company”) announced today it has entered into a development agreement with a Third Party for Mexico and Colombia to develop 150 tower sites with total advances to date of approx. $1,800,000 USD. Tower One will handle all steps of completing the built to suit towers and the Third Party will have the right to purchase those sites at 15x Tower Cash Flow.
Additionally, Tower One completed the sale of 23 towers from its Colombia operations to the Third Party. The company built the towers at a cost of approx. $900,000 USD and sold them for $2,600,000 USD at an average sale price of approx. $115,000 USD. The company has utilized the proceeds of the sale to complete additional towers in Argentina, Mexico and Colombia as well as debt repayment, general and administrative expenses.
| Country | In-Service
Towers | Collocations | Tenants | Towers under
construction | | Argentina | 45 | 16 | 61 | 19 | | Colombia | 33 (23) | 6(4) | 12 | 5 | | Mexico | 27 | - | 27 | 7 | | Total | 105 (23) | 22 (4) | 100 | 31 |
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 (Argentina, Colombia and Mexico) with a combined population of approximately 220 million people.
Contact Information
Corporate Communications
USA (917) 546-3016
E-mail: info@toweronewireless.com
Website: www.toweronewireless.com
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