NuRAN Wireless Inc. announced the entry into a Network-as-a-Service agreement with Orange Madagascar for the deployment of up to 500 rural networking telecommunication sites under the NaaS business model in the east coast of Madagascar. The agreement was signed at a virtual ceremony with the attendance of Frederic Debord, CEO at Orange Madagascar, Francis Letourneau, CEO at NuRAN Wireless and with the presence of Mr. Tahina Razafindramalo, Minister of Digital Development, Digital Transformation, Posts and Telecommunications of Madagascar. The 10-year agreement with Orange Madagascar is the Company's third contract with Orange with over USD 90 million in potential gross revenue at an approximate rate of USD 1,500 per site per month with an estimated gross margin of 70%.

The estimated gross revenues are subject to among other things, associated project expenses including expenses associated with satellite bandwidth, site lease, network operations center expenses, curative and preventative maintenance fees, project management and monitoring fees, the Company completing all financing necessary for the build out of the sites and insurance and collection of applicable fees from network operators. Fees for the NaaS services provided by NuRAN under the agreement are paid on a revenue sharing basis. The project is expected to support 2G and 3G networks with variety of site categories to cover different population densities and coverage areas.

NuRAN expects to retain the ownership of the infrastructure after completion of the contract which increases the overall value of the agreement.