Tower One Wireless Corp (TOWTF)

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News!

VANCOUVER, British Columbia, Oct. 17, 2017 (GLOBE NEWSWIRE) -- Tower One Wireless Corp (CSE:TO) (TOWTF) (1P3N.F) announced today it has signed a letter of intent (the “LOI”) to acquire a Mexican-based private tower company with a view to negotiating the terms of a definitive agreement in order to complete the acquisition of this Mexican-based tower company (the “Acquisition”).

The Mexican-based tower company, which owns, builds and leases cellular towers to the telecom industry in Mexico, includes a Master Lease Agreement (“MLA”) with AT&T permitting it to be granted direct Build-To-Suit (“BTS”) opportunities for AT&T.

Alex Ochoa, CEO, stated, “This acquisition will be a great addition to Tower One’s strategy of entering into multiple jurisdictions that offer consistent annual infrastructure growth. We will now have the opportunity to work with one of the global leaders AT&T which is expanding its worldwide business. Since going public in Q1 2017, we have initiated our expansion program into three countries.”

AT&T entered Mexico in 2015 by purchasing wireless operator Iusacell and the wireless assets of Nextel Mexico for a total of about $4.4 billion. Additionally, AT&T plans to invest as much as $3 billion to upgrade its network, improving LTE coverage to reach about 100 million users by 2018, up from around 51 million users currently.

Further details regarding the proposed Acquisition will be provided in a news release, if and when the parties enter into a definitive agreement.