Clear Blue Technologies Awarded Multi-Million Dollar Contract by NuRAN
Contract value estimated at $8m-$10m+ CAD in revenue for Clear Blue over the next three years
July 29, 2021, Toronto Ontario – Today, Clear Blue Technologies International Inc. (TSXV: CBLU) (“Clear Blue” or the “Company”) announced it has a signed agreement with NuRAN Wireless Inc. ('NuRAN'), a leading supplier of mobile and broadband wireless infrastructure solutions, with an initial estimated value between $8 million to $10 million CAD in revenues over the next three years. Clear Blue’s 2021 third and fourth-quarter earnings will reflect initial sales numbers for the contract, but the Company is providing estimated pro forma revenues for its shareholders in this release. Unless stated otherwise, all dollar amounts are in Canadian dollars, with gross margins in line with what the Company has historically reported.
• NuRAN awarded Clear Blue the contract to power an estimated minimum of 1,333 telecom sites in the Democratic Republic of the Congo (DRC);
• Clear Blue’s first order will realize $750,000 of revenues, in the remainder of 2021, with the initial orders due to start shipping in July;
• Clear Blue estimates approx. $2.5 million per year in revenues between 2022 – 2025, totaling a minimum additional $7.5 million;
• The contract includes Energy-as-a-Service, which will provide additional minimum recurring revenues of $100,000 per year, contracted for a minimum of three years, with expansion growth and renewals thereafter.
“This is one of the largest deals secured to date and provides significant upside for Clear Blue’s revenues over the next three years,” says Miriam Tuerk, Co-founder and CEO, Clear Blue Technologies. “We see this as part of a trend, as we emerge from the global pandemic, where corporations are looking to be more sustainable. Projects are being greenlit and orders for our smart off-grid systems are picking up. As a result, Management is highly optimistic about revenue and top-line growth during the remainder of 2021 and into 2022.”
Clear Blue is contracted to provide its smart off-grid power in the form of the Nano-Grid Power Packs and Energy-as-a-Service at least 1,333 telecom sites operated by NuRAN in the DRC. This total number of sites represents two-thirds of the total installation, with NuRAN choosing to retain vendor diversity by awarding the remaining sites to other third-party suppliers given the size of the project.
Francis Létourneau, President and Chief Executive Officer at NuRAN stated: “Clear Blue’s Smart Power and Energy-as-a-Service are key components to our planned telecom roll-out in the DRC, offering the lowest CAPEX/OPEX as well as the best performance and uptime. Because of that, it enables these rural sites to be simultaneously cost-effective and reliable for a strong, viable and profitable business model.”
Of the 89.56 million people living in DRC, approx.18% have access to the internet, according to Statista, demonstrating a clear need to increase connectivity in the region. Further, the World Bank estimates that the population of the DRC will have reached 120 million by 2030, providing an even greater opportunity for growth in the telecom market.
NuRAN could increase its current order for Clear Blue’s Smart Power systems by between 30 – 50%, depending on the success of the initial installations and available financing for follow-on projects. In addition, as the capacity of each site grows, and if NuRAN extends its contract for Energy-as-a-Service beyond the initial 3-year period, Clear Blue expects that the total value of this contract could be $15 million over 10 years.
Clear Blue has a long-standing relationship with NuRAN that has grown to multiple projects since the Company’s first installation with the telecom operator in 2018. Most recently, NuRAN awarded Clear Blue a contract in Q4 2020 for Cameroon that was valued at $1.45 million.
Tuerk adds: “We value the trust that NuRAN has placed in us to deliver power to their telecom sites and look forward to working with them on this latest installation.”
About Clear Blue Technologies International Inc.
Clear Blue delivers clean, managed, wireless power – anywhere and anytime. We use our patented Smart Off-Grid technology, delivered through our Energy-as-a-Service business model, to manage lighting, telecom, Internet of Things devices, and other critical systems worldwide. Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. Clear Blue is publicly traded on the Toronto Venture Exchange under the symbol CBLU, on the Frankfurt Stock Exchange (FRA: 0YA) and on the OTC venture exchange (OTCBQ: CBUTF). Learn more at www.clearbluetechnologies.com.
NuRAN Wireless is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically drop the total cost of ownership, thereby creating new opportunities for established, as well as emerging mobile network operators. Indoor coverage, isolated rural communities, offshore platforms and ships, NuRAN Wireless helps its customers reach everyone, everywhere.
Neither 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 release.
This press release contains certain "forward-looking information" and/or "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, information concerning the future phases of the project or future value of this project for any mentioned parties.
By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.
An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in Clear Blue's listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.
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