Dear shareholder,

As of today October 24th, please find below a quick corporate update:

1.       Reception of a term sheet of a credit facility of over 750K USD in Cameroon by a local commercial bank for the site deployment.

2.       Subcontractor financing status

a.       DRC

                                                               i.      One vendor agreed

                                                             ii.      Two more on the way

b.       Cameroon

                                                               i.      Not needed as the subsidiary is generating cash to support the build in addition to the credit facility listed above.

3.       Obtained Category 1 License

a.       Allowing the Company to expand its business in Cameroon

                                                               i.      TowerCo model

                                                             ii.      Expand to other MNOs

4.       DRC license validation

a.       The process of validating NuRAN’s authorizations to operates its NaaS business model is nearing completion, and the Company understands that the regulator has given positive confirmation of this to the DFIs counsel. An update call with the DFIs is scheduled for the end of the week. The Company will update its shareholder on the outcome next week at the latest.

5.       Increasing weighted pipeline of investors to the African Holding Structure

a.       Over 10 groups are at various stages of advanced due diligence

                                                               i.      From which 6 are envisioning a Term Sheet proposing different vehicles:

1.       Pure Equity

2.       Mixed Equity/debt

3.       Mezzanine

6.       Satellite Partners Convertible Debenture terms agreed and completing paperwork

7.       1.5M USD Loan agreement nearing maturity date

a.       The Company is currently negotiating an extension and additional investment to support NuRAN’s operations.

8.       The team is working on a video analyzing and supporting financial outlook based on current site performance. The video will be disseminated during the week of October 30.

9.       The Company has received PO for over 200K CAD for delivering its RAN solutions and Sentinel while the pipeline is growing.