LITE ACCESS TECHNOLOGIES PROVIDES OPERATIONAL UPDATE
May 2, 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 an update on its Canadian operations and business activity.
The Company is pleased to report that Phase 1 construction has started for Brooks’ Next Generation Broadband Network. Phase 1 of the project, valued at approximately $13.6 million, is focused on the installation of the backbone network and once completed, Phase 2 will immediately follow which will provide individual connections to residents as well as businesses with construction expected to be completed by December 2023. As construction takes place, additional opportunities will arise whereby individual connections will become part of the overall construction.
Kootenay Region, British Columbia
The Company has been involved in numerous network upgrades for major service providers within the Kootenays. Spanning from Grand Forks BC to the BC / Alberta border, Lite Access’ aerial crews have been working diligently to perform network upgrades of existing communications facilities as well as completing new installations throughout the region.
In addition, Lite Access will be installing aerial fibre cables for a major ski hill located in the East Kootenays. The project involves the installation of a fibre cable along the chairlift and will commence within the next few weeks. Total approximate value to date $150,000 with additional work to follow.
Lower Mainland, British Columbia
Lite Access is currently engaged in works at various municipalities throughout the Lower Mainland. Working directly with cities that have approved and have requested narrow trenching as the preferred installation method, Lite Access is perfectly positioned to offer its proven installation methodology for fibre optic installations and expects similar and additional projects in the near future.
Additionally, Lite Access was awarded a fibre build contract valued at over $150,000 from a major Canadian carrier. Lite Access will be providing civils and construction services to install fibre in downtown Vancouver, BC using its advanced deployment and excavation methods. The project commences in May 2022.
Comox, Vancouver Island, British Columbia
The Company reports that it has completed the first phase of a fibre project in Comox. The Company is pleased to announce that it has been awarded the second phase of the project, valued at approximately $237,000. Work is currently underway with completion expected by end of May 2022.
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.
Greg Smith, Chairman & 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.