LITE ACCESS TECHNOLOGIES PROVIDES CORPORATE AND STRATEGY UPDATE
July 12, 2022 – Vancouver, British Columbia. LITE ACCESS TECHNOLOGIES INC. (the “Company”) (TSX VENTURE: LTE)(OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, is pleased to provide a corporate and strategy update.
The recent changes at Lite Access enable new management to focus squarely on fibre deployment/telecom infrastructure as well as identify strategic partnerships that will help to position Lite Access as a solution of choice for broadband connectivity solutions. Being able to support all aspects of telecom deployment will provide Lite Access with the ability to respond to additional opportunities including projects supported by the Universal Broadband Fund designed to help connect 98% of Canadians to high-speed Internet by 2026 and achieve the national target of 100% by 2030.1,2
Management, Board, and Insider Ownership
With changes to Board Composition, the Company has appointed Board of Directors with individuals possessing industry knowledge in furtherance of its stated strategy and contributing to the Company’s growth and success. Management is building an experienced team with the necessary skill sets and commitment to support the business strategy. Importantly, the newly formed board and management team have meaningful positions in Lite Access ensuring ultimate alignment of shareholder interests. Having the right people in place will help to identify and execute proper due diligence towards new opportunities and allow collaborative and strategic discussions for the benefit of the Company and its valued shareholders. In the near term, Lite Access expects to announce further key appointments.
Management has continued to reduce cash burn through further cost cutting measures, in particular, through the sale of Amec Cutting & Coring. Focusing on its core business of network deployment and properly identifying its target market and respective customer base, will once again, help to ensure positive results designed to strengthen the balance sheet. In addition, through active and ongoing investigation into past and current projects, management has identified areas requiring further attention including training opportunities, re-introducing micro-trench deployments, refocusing on product sales and increasing the scope of work that can now be performed through new partnerships.
Sales, Pipeline and Contracts
Lite Access is focused on local projects and working closely with municipal partners. The Company is currently working on numerous projects ranging in size and scope within BC and Alberta. Having the forethought to procure materials prior to the global shortage and taking into consideration the increased costs associated with higher construction costs, all quotes and responses are being thoroughly dissected to ensure the proper due diligence was and is being performed and is in the best interest of the Company and its stakeholders.
In addition to the numerous ongoing Municipal projects including the City of Brooks and the work for the Company’s preferred and valued large service providers, Lite Access is committed towards completion of current projects scheduled for turn over within the next few weeks. These projects include Clearwater County, as well as final testing of an extensive fibre network located in southeastern British Columbia.
Further to the Company’s restructuring strategy, Lite Access has built a team of experienced individuals that are focused on the identification and accurate response to Broadband Network Tenders. Having successfully worked with remote and Indigenous communities in the past, the Lite Access team is committed to further help those with little or no access to the internet through the various funding programs available.
With the re-integration of product sales, the Company’s sales team are now able to respond to requests for all types of material including specialty items that were once available upon client specific requests. Due to the current Global market situation and lack of availability, Lite Access is pleased to be able to offer high quality products including the manufacture of specially designed and client specific products once again through its long-time manufacturing partner in a timely and cost competitive manner.
1Source: Online, https://www.ic.gc.ca/eic/site/139.nsf/eng/h_00006.html
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.
Michael Plotnikoff, Interim CEO
20108 Logan Avenue
Langley, BC V3A 4L6
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: risks and uncertainties described in Lite Access’s most recent Management Discussion & Analysis (MD&A) for the financial year ended September 30, 2021 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 >>