LITE ACCESS ANNOUNCES INTENTION TO ACQUIRE AMEC CUTTING & CORING LIMITED
NOT FOR DISTRIBUTION IN THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
January 29, 2021 – Vancouver, British Columbia. LITE ACCESS TECHNOLOGIES INC. (the “Company“) (TSX VENTURE: LTE) (OTC PINK: LTCCF) is pleased to announce that it has entered into a non-binding term sheet (the “Term Sheet”) with AMEC Cutting & Coring Limited (“AMEC”), a British Columbia based company that offers a wide range of services including concrete/ asphalt cutting and coring, scanning and utility locates, as well as fibre optic cable installation, pulling, splicing and testing.
“This is a smart and strategic acquisition for Lite Access,” said Carlo Shimoon, President & CEO of Lite Access. “We have been evaluating several acquisition opportunities for quite some time now to expand our Canadian operations. AMEC has a solid track record of revenue growth over the last number of years providing a range of installation services. AMEC has developed a strong reputation for reliability and quality service.”
Tony Curkovic of AMEC, stated, “Over the last decade, AMEC has become a significant player in providing concrete and fibre optic deployment services in BC. We developed a high regard for Lite Access’ capability and quality of work by working together on many projects. Our team has played a vital role in our success and am confident we will bring the leadership, accountability, and additional resources required to build a combined thriving company moving forward. The synergy between AMEC and Lite Access will result in substantial savings through the consolidation of equipment, offices, personnel, and other operating costs, ensuring a solid platform for our continued growth and success.”
Concurrent with closing of the transaction, Mr. Curkovic will be retained as General Manager of Lite Access Technologies (Canada) Inc. Terms of the transaction will be disclosed subsequent to signing of the definitive agreement.
The transaction is subject to the approval of the TSX Venture Exchange.
Transition of Chief Executive Officer
As a result of the proposed transaction with AMEC and the focus on North America, Carlo Shimoon intends to transition from the President & CEO and Director roles. Mr. Shimoon will continue in his current role in the near term until the transition process is complete and will also be available, as necessary, to advise the Company to ensure that the acquisition of AMEC proceeds smoothly and assist with any other matters that may arise in the advancement of Lite Access’ business. The Company will soon commence the recruitment process for a new President & CEO.
“Carlo’s leadership and work ethic have been commendable” said Greg Smith, Chairman of Lite Access. He continued, “Carlo will continue to support the Company and Tony as he integrates into the new General Manager role. On behalf of the Board, I would like to thank Carlo for his efforts in operating a multi-location business spanning 8 time zones during a global pandemic.”
“I would like to thank the Board for the opportunity to work with Lite Access. My decision to move on was a difficult one, but very timely given the new operational leadership we are inheriting through the AMEC acquisition”, said Carlo Shimoon, President and CEO of Lite Access. “I have had the opportunity to get to know Tony for the past year as we have been discussing this acquisition and transition and am very confident in his ability to successfully grow the combined business in Canada. He will have my full support during and post the transition process.”
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators.
As part of its suite of services Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access’ products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access’ installation technology and proprietary products extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
For further information please contact:
Lite Access Technologies Inc.
Carlo Shimoon, CEO
Unit 5 – 20678 Duncan Way
Langley, BC V3A 7A3
For investor relations please contact:
Contact Financial Corp.
204 – 998 Harbourside Dr.
North Vancouver, BC V7P 3T2
Forward Looking Information
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws. Lite Access uses words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “believe”, “intend” and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Lite Access in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access’ expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Lite Access’ actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: and risks and uncertainties described in Lite Access’s most recent Management Discussion & Analysis (MD&A) for the period ended September 30, 2020 which can be accessed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, Lite Access undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the 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.Next >>