Lite Access enters into Letter of Intent to acquire 100% of DSG Communications
June 22, 2015 – Vancouver, British Columbia. LITE ACCESS TECHNOLOGIES INC. (the “Company”) (CSE: LTE, Pink Sheets: LTCCF) is pleased to announce that it has entered into a Letter of Intent to acquire 100% of the issued and outstanding shares of DSG Communications Ltd (“DSG”), in consideration of which, the Company will make cash payments totaling $1,000,000 over a twelve month period (the “Cash Consideration”) and issue such number of common shares of the Company equal to $1,500,000 divided by the discounted market price of the Company’s common shares immediately prior to the announcement of the Letter of Intent in accordance with the rules of the Canadian Securities Exchange.
As a result of this acquisition, DSG will operate as a wholly-owned subsidiary of Lite Access Technologies.
DSG Communications is at the forefront of developing and providing new fibre optics infrastructure deployment solutions, and has recently completed projects for a large number of organizations including:
Michael Priest, CEO of Lite Access states: “This strategic acquisition will give Lite Access a considerable advantage in the marketplace as well as numerous existing contracts for the deployment of fibre-optic networks including major Canadian communication companies. Combining DSG’s many years of experience as the premier deployment specialist in the industry with our proven Micro-trench technology will allow us to focus on larger and more complex projects both in North America and abroad. Dylan Griffiths and his team bring considerable knowledge and expertise to the fold and we look forward to working together as a united force.”
Dylan Griffiths, CEO of DSG states: “The DSG team is very pleased to be joining our colleagues at Lite Access, in what is sure to be a very productive relationship. This acquisition is the result of a long and successful partnership between DSG and Lite Access, and with the financial backing and peerless products of Lite Access added to our repertoire we look forward to making a significant impact on the fibre-optic industry.”
Lite Access also wishes to announce that the Financial Industry Regulatory Authority has cleared Lite Access’ Form 211 application for a quotation on OTC Link. As such, the common shares of Lite Access will trade under the US symbol “LTCCF”.
About the “Fibre to the Premise” and “Fibre to the Home” industry
Fibre to the Premise (FTTX) and Fibre to the Home (FTTH), sometimes referred to as “the last mile”, is the delivery of a communications signal over optical fibre from the operator’s switching equipment all the way to a home or business, thereby replacing existing copper infrastructure such as telephone wires or coaxial cable. FTTX is a rapidly growing method of providing vastly higher bandwidth to consumers and businesses, and thereby enabling more robust video, internet and voice services.
Billions of dollars are being spent to upgrade communications systems and the demand for the Fibre-Optic cable manufacturing and deployment industry has surged as downstream customers upgrade infrastructure that was delayed during the recession. Wireless carriers are expanding their fiber-optic cable networks as more carriers upgrade their networks and consumers increasingly demand high-speed internet on their mobile phones, necessitating more fiber-optic cable purchases.
Communications Internet speed (or lack of) has been described by some industry experts as the single greatest economic issue facing North America today, and an ever increasing demand for bandwidth caused by streaming video and music services, smartphone usage, and consumers and businesses using cloud based and real time communication services has created a surge in investment into last mile infrastructure by internet service providers, businesses, government and educational institutions. The Fiber to the Home Council Americas states that “Fiber-enabled applications and solutions have the potential to create value for service providers and their customers, promote economic development and enhance quality of life for communities”.
About Lite Access
Lite Access is a world leader in microduct and fibre optic technologies. Lite Access’s proprietary microduct technology extends a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, government and educational institutions, and emergency response facilities. Providing a full portfolio of fibre connectivity solutions for many types of Telecom infrastructure, Lite Access has successfully deployed thousands of kilometres of microduct networks throughout North and South America, the United Kingdom, the Caribbean, and Asia.
About DSG Communications
DSG Communications Ltd. is a full-service fibre optic infrastructure provider specializing in: fibre optic construction, splicing, maintenance, servicing, repair, and 24/7/365 emergency response. DSG’s one-stop shop also provides innovative and cost efficient micro-trenching capabilities – specializing in the “final mile”. DSG has devoted thousands of man hours to the development of a micro trenching process that is proprietary and optimal for the all topographies.
For further information please contact:
Lite Access Technologies Inc.
2180 – 21331 Gordon Way
Richmond, BC V6W 1J9
Michael Priest, CEO
Forward Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties described in the Company’s Listing Statement dated May 26, 2015 available on www.cnsx.ca. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this release.Next >>